PROJECT ALPS MATERIALS FOR DISCUSSION

-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, FknZh4kN6Yqxse200Fh3IvCf8UL9LnWXNfg7DETBai+F0lDgYbqp1EDLoYHlt8xG Eq6/nP/JZX3YbhqgMAmauA== 0000950123-02-007159.txt : 20020723 0000950123-02-007159.hdr.sgml : 20020723 20020723100324 ACCESSION NUMBER: 0000950123-02-007159 CONFORMED SUBMISSION TYPE: SC 13E3 PUBLIC DOCUMENT COUNT: 45 FILED AS OF DATE: 20020723 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: SWISS ARMY BRANDS INC CENTRAL INDEX KEY: 0000731947 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-JEWELRY, WATCHES, PRECIOUS STONES & METALS [5094] IRS NUMBER: 132797726 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13E3 SEC ACT: 1934 Act SEC FILE NUMBER: 005-34664 FILM NUMBER: 02708178 BUSINESS ADDRESS: STREET 1: ONE RESEARCH DRIVE STREET 2: PO BOX 874 CITY: SHELTON STATE: CT ZIP: 06484-0874 BUSINESS PHONE: 2039296391 MAIL ADDRESS: STREET 1: ONE RESEARCH DRIVE STREET 2: PO BOX 874 CITY: SHELTON STATE: CT ZIP: 06484-6226 FORMER COMPANY: FORMER CONFORMED NAME: FORSCHNER GROUP INC DATE OF NAME CHANGE: 19920703 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: SWISS ARMY BRANDS INC CENTRAL INDEX KEY: 0000731947 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-JEWELRY, WATCHES, PRECIOUS STONES & METALS [5094] IRS NUMBER: 132797726 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13E3 BUSINESS ADDRESS: STREET 1: ONE RESEARCH DRIVE STREET 2: PO BOX 874 CITY: SHELTON STATE: CT ZIP: 06484-0874 BUSINESS PHONE: 2039296391 MAIL ADDRESS: STREET 1: ONE RESEARCH DRIVE STREET 2: PO BOX 874 CITY: SHELTON STATE: CT ZIP: 06484-6226 FORMER COMPANY: FORMER CONFORMED NAME: FORSCHNER GROUP INC DATE OF NAME CHANGE: 19920703 SC 13E3 1 y62132e3sc13e3.txt SWISS ARMY BRANDS, INC. - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ------------------------ SCHEDULE 13E-3 RULE 13E-100 TRANSACTION STATEMENT UNDER SECTION 13(e) OF THE SECURITIES EXCHANGE ACT OF 1934 AND RULE 13e-3 THEREUNDER (AMENDMENT NO. ) ------------------------ SWISS ARMY BRANDS, INC. (NAME OF THE ISSUER) SWISS ARMY BRANDS, INC. (NAME OF PERSON(S) FILING STATEMENT) COMMON STOCK, PAR VALUE $0.10 PER SHARE (TITLE OF CLASS OF SECURITIES) 870827102 (CUSIP NUMBER OF CLASS OF SECURITIES) THOMAS M. LUPINSKI CHIEF FINANCIAL OFFICER SWISS ARMY BRANDS, INC. ONE RESEARCH DRIVE SHELTON, CONNECTICUT 06484 TELEPHONE: (203) 929-6391 (NAME, ADDRESS AND TELEPHONE NUMBER OF PERSONS AUTHORIZED TO RECEIVE NOTICES AND COMMUNICATIONS ON BEHALF OF PERSON(S) FILING STATEMENT) ------------------------ WITH COPIES TO: PRISCILLA C. HUGHES, ESQ. MORRISON & FOERSTER LLP 1290 AVENUE OF THE AMERICAS NEW YORK, NY 10104-0050 TELEPHONE: (212) 468-8000 This statement is filed in connection with (check the appropriate box): a. [ ] The filing of solicitation materials or an information statement subject to Regulation 14A, Regulation 14C or Rule 13e-(c) under the Securities Exchange Act of 1934. b. [ ] The filing of a registration statement under the Securities Act of 1933. c. [X] A tender offer. d. [ ] None of the above. Check the following box if the soliciting materials or information statement referred to in checking box (a) are preliminary copies: [ ] Check the following box if the filing is a final amendment reporting the results of the transaction: [ ] ------------------------ CALCULATION OF FILING FEE

* Estimated for purposes of calculating the filing fee. Calculated by multiplying $9.00, the per share tender offer price, by 3,566,206, the sum of (i) 2,666,706 currently outstanding shares of common stock of Swiss Army Brands, Inc. and (ii) outstanding options with an exercise price of less than $9.00 with respect to 899,500 shares of common stock. The amount of the filing fee, calculated in accordance with Rule 0-11 of the Securities Exchange Act of 1934, as amended. [X] Check box if any part of the fee is offset as provided by Rule 0-11(a)(2) and identify the filing with which the offsetting fee was previously paid. Identify the previous filing by registration statement number, or the form or schedule and the date of its filing. AMOUNT PREVIOUSLY PAID: $2,952.82 FILING PARTY: SABI ACQUISITION CORP. FORM OR REGISTRATION NO.: SCHEDULE TO/13E-3 DATE FILED: JULY 23, 2002 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- INTRODUCTION This Transaction Statement on Schedule 13E-3 (the "Schedule 13E-3") relates to the offer by SABI Acquisition Corp. ("Purchaser"), a Delaware corporation which is wholly owned by Victorinox AG ("Victorinox"), as set forth in the Tender Offer Statement on Schedule TO, dated July 23, 2002 (the "Schedule TO"), to purchase all of the outstanding shares of common stock of Swiss Army Brands, Inc., a Delaware corporation (the "Company" or "SABI"), par value $.10 per share, at a price of $9.00 per share, net to the seller in cash, less any required withholding of taxes and without any payment of interest, upon the terms and subject to the conditions set forth in the Offer to Purchase dated July 23, 2002 (the "Offer to Purchase"), a copy of which is attached hereto as Exhibit (a)(1)(A), and in the related Letter of Transmittal (the "Letter of Transmittal"), a copy of which is attached hereto as Exhibit (a)(1)(B) (which, together with the Offer to Purchase, as amended or further supplemented from time to time, constitute the "Offer"). The Schedule TO was filed by Purchaser and Victorinox with the Securities and Exchange Commission (the "SEC") on July 23, 2002. In response to the Offer, the Company filed a Solicitation/Recommendation Statement on Schedule 14D-9 on July 23, 2002. The information contained in the Schedule 14D-9 is expressly incorporated by reference in response to the items of this Schedule 13E-3. Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Offer to Purchase and the Schedule TO. ITEM 1. SUMMARY TERM SHEET The information contained in the section "Summary Term Sheet" in the Offer to Purchase is incorporated herein by reference. ITEM 2. SUBJECT COMPANY INFORMATION (a) Name and Address. The name of the subject company is Swiss Army Brands, Inc., a Delaware corporation. The address of the principal executive offices of the Company is One Research Drive, Shelton, Connecticut 06484. The telephone number of the principal executive offices of the Company is (203) 929-6391. (b) Securities. This Schedule 13E-3 relates to the Company's common stock, par value $.10 per share (the "Shares"). As of the close of business on July 15, 2002, there were 8,275,811 shares of Common Stock outstanding. (c) Trading Market and Price. The information set forth under the caption "The Tender Offer -- Price Range of Shares; Dividends" in the Offer to Purchase is incorporated herein by reference. (d) Dividends. The information set forth under the caption "The Tender Offer -- Price Range of Shares; Dividends" in the Offer to Purchase is incorporated herein by reference. (e) Prior Public Offerings. Not applicable. (f) Prior Stock Purchases. The information set forth in Schedule II of the Offer to Purchase is incorporated herein by reference. ITEM 3. IDENTITY AND BACKGROUND OF FILING PERSONS (a) Name and Address. This Schedule 13E-3 is filed by SABI, which is the issuer and subject company (the "Filing Person"). The name, business address and business telephone number of SABI are set forth in Item 2 above. (b) Business and Background of Entities. The information set forth in Schedule I of the Offer to Purchase is incorporated herein by reference. (c) Business and Background of Natural Persons. The information set forth in Schedule I of the Offer to Purchase is incorporated herein by reference. DIRECTORS AND EXECUTIVE OFFICERS OF SABI. The following table sets forth the name, business address, present principal occupation or employment, and material occupations, positions, offices or employment for the past five years of each director and executive officer of SABI. During the last five years, neither SABI nor, to the best knowledge of SABI, any of the persons listed below (i) has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or (ii) was a party to any judicial or administrative proceeding (except for matters that were dismissed without sanction or settlement) that resulted in a judgment, decree or final order enjoining the person from future violations of, or prohibiting activities subject to, federal or state securities laws, or a finding of any violation of such laws. Unless otherwise indicated, each individual is a citizen of the United States.

- --------------- (1) Business Address: Swiss Army Brands, Inc. One Research Drive P.O. Box 874 Shelton, CT 06484-0874 (2) Former Business Address: Movado Group, Inc. 125 Chubb Ave. Lyndhurst, NJ 07071 (3) Former Business Address: 1311 Mamaroneck Avenue Suite 170 White Plains, NY 10605 (4) Alternative Business Address: JVT Consulting, Inc. 375 Park Avenue 22nd Floor New York, NY 10152 ITEM 4. TERMS OF THE TRANSACTION (a) Material Terms. The information set forth under the following captions in the Offer to Purchase is incorporated herein by reference: Summary Term Sheet; Introduction; The Tender Offer -- Terms of the Offer; The Tender Offer -- Acceptance for Payment and Payment for Shares; The Tender Offer -- Procedures for Accepting the Offer and Tendering Shares; The Tender Offer -- Withdrawal Rights; The Tender Offer -- Certain United States Federal Income Tax Consequences; and The Tender Offer -- Certain Conditions of the Offer. (c) Different Terms. Not applicable. (d) Appraisal Rights. The information set forth under the caption "The Tender Offer -- Appraisal Rights" in the Offer to Purchase and in Schedule III of the Offer to Purchase, is incorporated herein by reference. (e) Provisions for Unaffiliated Security Holders. None. 7 (f) Eligibility for Listing or Trading. Not applicable. ITEM 5. PAST CONTACTS, TRANSACTIONS, NEGOTIATIONS AND AGREEMENTS (a) Transactions. The information set forth in Schedule II of the Offer to Purchase, in Item 3, "Past Contacts, Transactions, Negotiations and Agreements" of the Schedule 14D-9, and under the following captions in the Offer to Purchase, is incorporated herein by reference: Special Factors -- Background of Victorinox's Investment in the Company; Special Factors -- Background of the Offer; Special Factors -- Related Party Transactions; and Special Factors -- Interests of Certain Parties in the Offer and Merger. (b) Significant Corporate Events. The information set forth in Schedule II of the Offer to Purchase, in Item 3, "Past Contacts, Transactions, Negotiations and Agreements" of the Schedule 14D-9, and under the following captions in the Offer to Purchase, is incorporated herein by reference: Special Factors -- Background of Victorinox's Investment in the Company; Special Factors -- Background of the Offer; and Special Factors -- Purpose and Structure of the Offer and the Merger; Reasons of Victorinox for the Offer and the Merger; Plans for the Company. (c) Negotiations or Contacts. The information set forth in Schedule II of the Offer to Purchase, in Item 3, "Past Contacts, Transactions, Negotiations and Agreements" of the Schedule 14D-9, and under the following captions in the Offer to Purchase, is incorporated herein by reference: Special Factors -- Background of Victorinox's Investment in the Company; Special Factors -- Background of the Offer; and Special Factors -- Purpose and Structure of the Offer and the Merger; Reasons of Victorinox for the Offer and the Merger; Plans for the Company. (e) Agreements involving the Subject Company's Securities. The information set forth in Schedule II of the Offer to Purchase and under the following captions in the Offer to Purchase is incorporated herein by reference: Introduction; Special Factors -- Background of Victorinox's Investment in the Company; Special Factors -- Background of the Offer; Special Factors -- Purpose and Structure of the Offer and the Merger; Reasons of Victorinox for the Offer and the Merger; Plans for the Company; Special Factors -- Related Party Transactions; Special Factors -- Transactions and Arrangements Concerning the Shares; and Special Factors -- Interests of Certain Parties in the Offer and the Merger. ITEM 6. PURPOSES OF THE TRANSACTION AND PLANS OR PROPOSALS (b) Use of Securities Acquired. 8 The information set forth under the following captions in the Offer to Purchase is incorporated herein by reference: Introduction; Special Factors -- Background of the Offer; Special Factors -- Purpose and Structure of the Offer and the Merger; Reasons of Victorinox for the Offer and the Merger; Plans for the Company; Special Factors -- Position of Victorinox and Purchaser regarding Fairness of the Offer and the Merger; and The Tender Offer -- Certain Effects of the Offer. (c) Plans. The information set forth in Item 7, "Purposes of the Transaction and Plans or Proposals" of the Schedule 14D-9, and under the following captions in the Offer to Purchase is incorporated herein by reference: Special Factors -- Background of Victorinox's Investment in the Company; Special Factors -- Background of the Offer; Special Factors -- Purpose and Structure of the Offer and the Merger; Reasons of Victorinox for the Offer and the Merger; Plans for the Company; Special Factors -- Position of Victorinox and Purchaser regarding Fairness of the Offer and the Merger; Special Factors -- Interests of Certain Parties in the Offer and the Merger; The Tender Offer -- Price Range of Shares; Dividends; and The Tender Offer -- Certain Effects of the Offer. ITEM 7. PURPOSES, ALTERNATIVES, REASONS AND EFFECTS The information set forth at Item 4(b) under the caption "Background; Reasons for the Recommendation of the Special Committee" in the Schedule 14D-9 is incorporated herein by reference. (a) Purposes. The information set forth in Item 7 of the Schedule 14D-9 and under the following captions in the Offer to Purchase is incorporated herein by reference: Special Factors -- Purpose and Structure of the Offer and the Merger; Reasons of Victorinox for the Offer and the Merger; Plans for the Company; Special Factors -- Related Party Transactions; and Special Factors -- Interests of Certain Parties in the Offer and the Merger. (b) Alternatives. The information set forth at Item 4(b) under the caption "Background" in the Schedule 14D-9 is incorporated by reference. The information set forth under the following captions in the Offer to Purchase is incorporated herein by reference: Special Factors -- Background of the Offer; and Special Factors -- Purpose and Structure of the Offer and the Merger; Reasons of Victorinox for the Offer and the Merger; Plans for the Company. 9 (c) Reasons. The information set forth at Item 4 in the Schedule 14D-9 and under the following captions in the Offer to Purchase is incorporated herein by reference. Special Factors -- Purpose and Structure of the Offer and the Merger; Reasons of Victorinox for the Offer and the Merger; Plans for the Company; and Special Factors -- Position of Victorinox and Purchaser regarding Fairness of the Offer and the Merger. (d) Effects. The information set forth under the following captions in the Offer to Purchase is incorporated herein by reference: Introduction; Special Factors -- Purpose and Structure of the Offer and the Merger; Reasons of Victorinox for the Offer and the Merger; Plans for the Company; Special Factors -- Position of Victorinox and Purchaser regarding Fairness of the Offer and the Merger; The Tender Offer -- Certain United States Federal Income Tax Consequences; and The Tender Offer -- Certain Effects of the Offer. ITEM 8. FAIRNESS OF THE TRANSACTION (a) Fairness. The information set forth at Item 4(a) under the caption in the Schedule 14D-9 entitled "Recommendation of the Special Committee" is incorporated herein by reference. The information set forth under the following captions in the Offer to Purchase is incorporated herein by reference: Special Factors -- Reports, Opinions and Appraisals; and Special Factors -- Position of Victorinox and Purchaser regarding Fairness of the Offer and the Merger. (b) Factors Considered in Determining Fairness. The information set forth at Item 4(b) under the following caption "Reasons for the Recommendation of the Special Committee" in the Schedule 14D-9 is incorporated herein by reference. The information set forth under the following captions in the Offer to Purchase is incorporated herein by reference: Special Factors -- Reports, Opinions and Appraisals; and Special Factors -- Position of Victorinox and Purchaser regarding Fairness of the Offer and the Merger. (c) Approval of Security Holders. The information set forth under the following captions in the Offer to Purchase is incorporated herein by reference: Special Factors -- Purpose and Structure of the Offer and the Merger; Reasons of Victorinox for the Offer and the Merger; Plans for the Company; and The Tender Offer -- Terms of the Offer. (d) Unaffiliated Representative. The information set forth in Item 5 under the caption in the Schedule 14D-9 entitled "Person/Assets, Retained, Employed, Compensated or Used" is incorporated herein by reference. 10 The information set forth under the following captions in the Offer to Purchase is incorporated herein by reference: Special Factors -- Reports, Opinions and Appraisals; and Special Factors -- Background of the Offer. (e) Approval of Directors. The information set forth at Item 4(a) under the caption "Recommendation of the Special Committee" and Item 4(b) under the caption "Reasons for the Recommendation of the Special Committee" in the Schedule 14D-9 are incorporated herein by reference. The information set forth under the following captions in the Offer to Purchase is incorporated herein by reference: Special Factors -- Reports, Opinions and Appraisals; and Special Factors -- Background of the Offer. (f) Other Offers. None. ITEM 9. REPORTS, OPINIONS, APPRAISALS AND NEGOTIATIONS (a) Report, Opinion or Appraisal. The information set forth under the caption in the Offer to Purchase entitled "Special Factors -- Reports, Opinions and Appraisals" is incorporated herein by reference. (b) Preparer and Summary of the Report, Opinion or Appraisal. The information set forth under the caption in the Offer to Purchase entitled "Special Factors -- Reports, Opinions and Appraisals" is incorporated herein by reference. Needham & Company, Inc. ("Needham") delivered an oral opinion, subsequently confirmed by delivery of a written opinion to the Special Committee of SABI, dated as of June 14, 2002, that, as of that date, and subject to the matters and assumptions set forth in the opinion, the proposed offer price of $9.00 per share was fair from a financial point of view to the holders of shares of SABI other than the Victorinox Group. The full text of the written opinion of Needham which sets forth the assumptions made, procedures followed, matters considered and limitations on the review undertaken by Needham in connection with the opinion, is attached as Annex A to the Schedule 14D-9 and is incorporated by reference in this Schedule 13E-3. Stockholders are urged to, and should read, the opinion in its entirety. In arriving at its opinion, Needham, among other things: - reviewed certain publicly available information concerning SABI and certain other relevant financial and operating data of SABI furnished to them by SABI; - reviewed the historical stock price and trading volume of SABI's Common Stock; - held discussions with members of management of SABI concerning SABI's past and current operations, past and current financial conditions, current and future business prospects and long term relationship with Victorinox; - reviewed certain internal financial forecasts prepared by the management of SABI and certain financial forecasts prepared by Needham based on these internal forecasts of SABI's management; - compared certain publicly available financial data of companies whose securities are traded in the public markets and that Needham deemed relevant to similar data for SABI; - compared precedent transaction multiples in which the acquiror had a preexisting ownership of the target exceeding 50%; 11 - compared precedent transaction multiples of selected brand and apparel acquisitions; and - performed and/or considered such other studies, analyses, inquiries and investigations as Needham deemed appropriate. Needham assumed and relied on the accuracy and completeness of all of the financial and other information reviewed by it for purposes of its opinion and neither attempted to verify independently nor assumed responsibility for verifying any of such information. In addition, Needham did not consider the tax implications to SABI, Victorinox or any holders of the SABI's Common Stock in connection with the Proposal. With respect to SABI's financial forecasts, including forecasts of its subsidiaries, provided to Needham by SABI's management, Needham, with SABI's consent and based upon discussions with SABI's management, assumed that such forecasts were reasonably prepared on bases reflecting the best currently available estimates and judgments of such management, at the time of preparation, of the future operating and financial performance of SABI. Needham expressed no opinion with respect to such forecasts or estimates or the assumptions on which they were based. Needham did not assume any responsibility for or make or obtain any independent evaluation, appraisal or physical inspection of the assets or liabilities of SABI. No limitations were imposed by SABI on Needham with respect to the investigations made or procedures followed by Needham in rendering its opinion. In connection with its engagement, Needham was not requested to, and did not, solicit third party indications of interest in the possible acquisition of all or a part of SABI. In connection with its engagement, Needham was not requested to and did not participate in the negotiation or structuring of the Proposal and, accordingly, Needham's opinion did not address and expressed no view as to the relative merits of the Proposal as compared to any alternative business strategies that might have existed for SABI or the effect of any other transaction in which SABI might have engaged. In addition, Needham's opinion did not take into account and was not based on its assessment of the structure or terms of the Proposal and expressed no opinion with respect to (a) the implications of the lack of a binding agreement expressing specific terms upon which the proposed transaction must be consummated, and (b) the potentially adverse effect that termination or modification of the Proposal might have on SABI. In preparing its opinion, Needham performed a variety of financial and comparative analyses. The following paragraphs summarize the material financial and comparative analyses performed by Needham in arriving at its opinion. Some of the summaries of the financial analyses include information presented in tabular format. The tables are not intended to stand alone, and in order to more fully understand the financial analyses used by Needham, the tables must be read together with the full text of each summary. The following is a summary of the material financial analyses presented by Needham to the Special Committee in connection with the rendering of its opinion. This summary does not purport to be a complete description of the analyses performed by Needham. Needham made no attempt to assign specific weights to particular analyses or factors considered, but, rather, made qualitative judgments as to the significance and relevance of all the analyses and factors considered. Accordingly, Needham believed that its analysis and summary set forth below, must be considered as a whole and that selecting portions of the analyses and the factors considered by Needham could create a misleading or incomplete view of the processes underlying the analyses performed by Needham. VALUATION METHODOLOGY. Needham analyzed the preexisting relationship between SABI and Victorinox, including two joint ventures in which each of SABI and Victorinox own 50% and that are consolidated into SABI's financial results. These two joint ventures are: - Xantia S.A., the principal supplier of watches to SABI and manufacturer of watches for third-party customers; and - Victorinox Swiss Army Watch S.A. ("VSA"), a watch company that combines the watch businesses of SABI and Victorinox outside the United States, Canada and the Caribbean. Given the nature of the transaction, Needham's valuation of SABI was based on the portion of SABI not owned by Victorinox. In addition, Needham's valuation considered all significant non-operating assets of SABI. 12 SELECTED COMPANY ANALYSIS. Using publicly available information, Needham compared selected historical and projected financial and market data and ratios for SABI to the corresponding data and ratios of certain other publicly traded companies that Needham deemed relevant because their respective business models focused on brand recognition within the retail industry. The selected public comparables were categorized in three tiers based on market capitalization. These companies, referred to as the "selected companies," categorized by tier, are: Tier One: Tiffany & Co.; Coach, Inc.; and Oakley, Inc. Tier Two: Energizer Holdings, Inc.; The Timberland Company; Columbia Sportswear Company; Kenneth Cole Productions, Inc.; Fossil, Inc.; Quicksilver, Inc.; and Movado Group, Inc. Tier Three: Tropical Sportswear International Corporation; Vans, Inc.; A.T. Cross Company; Perry Ellis International, Inc.; Cutter & Buck, Inc.; and Deckers Outdoor Corporation. The following table sets forth information concerning the following multiples for the selected companies and for SABI: - total enterprise value as a multiple of last twelve months' revenues; - total enterprise value as a multiple of estimated calendar 2002 revenues; - total enterprise value as a multiple of estimated calendar 2003 revenues; - total enterprise value as a multiple of last twelve months' earnings before interest, taxes, depreciation and amortization; - total enterprise value as a multiple of last twelve months' earnings before interest and taxes; - price as a multiple of last twelve months earnings per share; - price as a multiple of estimated calendar 2002 earnings per share; - price as a multiple of estimated calendar 2003 earnings per share; and - market value as a multiple of most recent quarter book value. Needham calculated multiples for the selected companies and SABI based on the closing stock price of $6.23 on June 10, 2002. The table below sets forth the multiples yielded from the selected company analysis. 13

- --------------- The financial data under the column headers CY 2002E and CY 2003E represents estimated financial data for each the respective calendar year. LTM: Last twelve months NM: Not meaningful EBIT: Earnings before interest and taxes EBITDA: Earnings before interest, taxes, depreciation and amortization Last Q Book: Last quarter's book value * Multiples employ the $6.23 closing sale price on June 10, 2002 of SABI Common Stock. Based on the selected company analysis, a specific maximum and minimum multiple range between the ranges below were used to value SABI consolidated and Xantia S.A. and VSA individually.

Valuations based on multiples of estimated 2003 earnings before interest, taxes, depreciation and amortization and estimated 2003 earnings were discounted to present values at discount rates between 13% - 14%. To arrive at an implied stock price range for SABI as a stand-alone entity, Needham made three adjustments to the SABI consolidated implied equity valuation range: - Deducting 50% of the value of Xantia S.A. held by Victorinox; - Deducting 50% of the value of VSA held by Victorinox; and - Adding the present value of non-operating assets that consist of life insurance policies held by the Company. The valuation range of the life insurance policies was based on the projected cash values of each policy discounted at 4.0%. SABI provided Needham the projected cash values. 14 The valuation based on publicly traded comparable companies yielded a valuation range for SABI net of Victorinox's holdings in Xantia S.A. and VSA from approximately $58.2 million to $102.7 million. These values represent a fully diluted per share value from approximately $6.98 to $11.76. DISCOUNTED CASH FLOW ANALYSIS. Needham also performed a discounted cash flow analysis based on the financial information provided by the management of the Company for the fiscal years ending December 31, 2002 to December 31, 2006. The discounted cash flow analysis determined the estimated after-tax cash flows to be generated over the period commencing with the year ending December 21, 2002 and then added a terminal value based upon a range of multiples of earnings before interest, taxes, depreciation and amortization for the year ending December 31, 2004 based on the multiples of comparable companies. The discount range used to calculate the present value of the terminal value and the free cash flows for SABI consolidated, Xantia S.A. and VSA was 10.0% to 15.0%. Having valued each entity on a discounted cash flow basis, Needham made three adjustments to the SABI consolidated implied equity valuation range: - Deducting 50% of the value of Xantia S.A. held by Victorinox; - Deducting 50% of the value of VSA held by Victorinox; and - Adding the present value of non-operating assets that consisted of life insurance policies held by the Company. The valuation range of the life insurance policies was based on the projected cash values of each policy discounted at 4.0%. SABI provided Needham the projected cash values. The valuation based on discounted cash flow analysis yielded a valuation range for SABI net of Victorinox's holdings in Xantia S.A. and VSA from approximately $65.8 million to $96.6 million. These values represent a fully diluted per share value from approximately $7.84 to $11.15. SELECTED TRANSACTION ANALYSIS. Needham analyzed publicly available financial information for selected transactions that were deemed relevant. The first set analyzed transaction multiples in which the acquiror had a preexisting ownership of the target exceeding 50% for transactions since January 1, 2000. The second set analyzed transaction multiples of selected brand and apparel acquisitions since January 1, 1997. In examining the selected transactions, Needham analyzed: - total enterprise value as a multiple of target's last twelve months net sales; - total enterprise value as a multiple of target's last twelve months earnings before interest and taxes; - total enterprise value as a multiple of target's last twelve months earnings before interest, taxes, depreciation and amortization; - total equity value as a multiple of target's last twelve months net income; - total equity value as a multiple of target's most recent quarter book value; - one day target stock price premium; - percentage of target owned by acquiror prior to announcement; and - percentage of target acquired by acquiror post-transaction. 15 Based on the proposed $9.00 stock price of SABI, Needham calculated the implied premium and multiples of SABI. The following table sets forth information concerning the multiples and transaction premiums resulting from Needham's analysis. ACQUIRORS WITH PREEXISTING OWNERSHIP GREATER THAN 50%

SELECTED BRAND AND APPAREL RETAILERS

SABI MULTIPLES AT AN IMPLIED STOCK PRICE OF $9.00

The resulting one-day premium range within each the two sets analyzed by Needham for its selected transaction analysis supported the 44.4% premium over the price of SABI's Common Stock as of June 10, 2002. No company, transaction or business used in the "Selected Company Analysis," "Selected Transaction Analysis," or "Discounted Cash Flow Analysis" as a comparison is identical to SABI or Victorinox. Accordingly, an evaluation of the results of these analyses is not entirely mathematical; rather, it involves complex considerations and judgments concerning differences in the financial and operating characteristics and other factors that could affect the acquisition, public trading or other values of the selected companies or selected transactions or the business segments, companies or transactions to which they are being compared. OTHER ANALYSES. In rendering its opinion, Needham considered various other analyses, including a history of trading prices and volumes for SABI, a purchase price sensitivity analysis that measured trading multiples at varying prices of SABI common stock and a current stockholder analysis of SABI. The summary set forth above does not purport to be a complete description of the analyses performed by Needham in connection with the rendering of its opinion. The preparation of a fairness opinion involves various determinations as to the most appropriate and relevant quantitative and qualitative methods of financial analysis and the application of those methods to the particular circumstances and, therefore, such an opinion is not readily susceptible to summary description. Accordingly, Needham believes that its analyses must be considered as a whole and that selecting portions of its analyses or the factors it considered, without considering all analyses and factors, could create a misleading or incomplete view of the process underlying its opinion. In its analyses, Needham made numerous assumptions with respect to industry performance, general 16 business and economic conditions and other matters, many of which are beyond the control of the parties. Any estimates contained in these analyses are not necessarily indicative of actual values or predictive of future results or values, which may be significantly more or less favorable. Additionally, analyses relating to the values of businesses or assets do not purport to be appraisals or necessarily reflect the prices at which businesses or assets may actually be sold. Accordingly, these analyses and estimates are inherently subject to substantial uncertainty. Needham's opinion and its related analyses were only one of many factors considered by the Special Committee in its evaluation of the Proposal and should not be viewed as determinative of the views of the Special Committee with respect to the fairness of the offer price. Needham has not expressed any opinion as to the prices that SABI Common Stock will actually trade at any time. In addition, Needham expressed no opinion or recommendation as to whether or not stockholders of SABI should tender their shares pursuant to the Offer or as to any other matters relating to the Offer. Under the terms of the Needham engagement letter, SABI has paid or agreed to pay Needham a nonrefundable fee of $200,000 for rendering the Needham opinion, an engagement fee of $25,000 upon retaining Needham as a financial advisor and a fee of $25,000 upon receipt of an offer for the proposed transaction. SABI has also agreed to reimburse Needham for its reasonable out-of-pocket expenses, including the reasonable fees and disbursements of its counsel, and to indemnify Needham and related parties against certain liabilities arising out of or in connection with or as a result of Needham's engagement as financial advisor to the Special Committee, including certain liabilities under the federal securities laws. Needham is a nationally recognized investment banking firm. As part of its investment banking services, Needham is frequently engaged in the evaluation of businesses and their securities in connection with mergers and acquisitions, negotiated underwritings, secondary distributions of securities, private placements and other purposes. Needham was retained by the Special Committee to provide an opinion as to the fairness of the offer based on Needham's experience as a financial advisor in mergers and acquisitions as well as Needham's familiarity with retail companies. The information set forth at Item 4 under the caption in the Schedule 14D-9 entitled "The Solicitation or Recommendation" and the fairness opinion of Needham attached to the Schedule 14D-9 as Annex A are incorporated herein by reference. (c) Availability of Documents. The information set forth in the fairness opinion of Needham attached to the Schedule 14D-9 as Annex A is incorporated herein by reference. ITEM 10. SOURCES AND AMOUNTS OF FUNDS OR OTHER CONSIDERATION (a) Source of Funds. The information set forth under the caption "The Tender Offer --Source and Amount of Funds" in the Offer to Purchase is incorporated herein by reference. (b) Conditions. The information set forth under the caption "The Tender Offer -- Source and Amount of Funds" in the Offer to Purchase is incorporated herein by reference. (c) Expenses. The information set forth under the caption in the Offer to Purchase entitled "The Tender Offer -- Fees and Expenses" is incorporated herein by reference. (d) Borrowed Funds. Not applicable. 17 ITEM 11. INTEREST IN SECURITIES OF THE SUBJECT COMPANY (a) Securities Ownership. The information set forth under the caption "Special Factors -- Interests of Certain Parties in the Offer and the Merger" in the Offer to Purchase is incorporated herein by reference. (b) Securities Transactions. The information set forth under Item 6 of the Schedule 14D-9 entitled "Interest in Securities of the Subject Company" is incorporated herein by reference. ITEM 12. THE SOLICITATION OR RECOMMENDATION (d) Intent to Tender or Vote in a Going-Private Transaction. The information set forth under Item 4(c) of the Schedule 14D-9 entitled "Intent to Tender" is incorporated herein by reference. (e) Recommendations of Others. The information set forth under Items 4(a) and (b) of the Schedule 14D-9 entitled "Recommendation of the Special Committee" and "Background; Reasons for the Recommendation of the Special Committee," respectively, is incorporated herein by reference. The information set forth under the Offer to Purchase entitled "Special Factors -- Position of Victorinox and Purchaser regarding Fairness of the Offer and the Merger" is incorporated herein by reference. ITEM 13. FINANCIAL STATEMENTS (a) Financial Information. The information set forth in the Offer to Purchase entitled "The Tender Offer -- Certain Information Concerning the Company" is incorporated herein by reference. The information set forth in Item 8 of SABI's Annual Report on Form 10-K for the fiscal year ended December 31, 2001 is incorporated herein by reference. The information set forth in Item 1 of SABI's Quarterly Report on Form 10-Q for the quarterly period ending March 31, 2002 is incorporated herein by reference. (b) Pro Forma Information. Not applicable. ITEM 14. PERSONS/ASSETS RETAINED, EMPLOYED, COMPENSATED OR USED (a) Solicitations or Recommendations. The information set forth at Item 5 in the Schedule 14D-9 under the caption "Persons/Assets Retained, Employed, Compensated or Used" is incorporated herein by reference. (b) Employees and Corporate Assets. The information set forth at Item 5 in the Schedule 14D-9 under the caption "Persons/Assets Retained, Employed, Compensated or Used" is incorporated herein by reference. ITEM 15. ADDITIONAL INFORMATION (b) Other Material Information. The information contained in the Offer to Purchase is incorporated herein by reference. 18 ITEM 16. EXHIBITS (a)(1)(A) Offer to Purchase dated July 23, 2002, incorporated by reference to Exhibit (a)(1)(A) of Schedule TO, filed by Victorinox with the SEC on July 23, 2002. (a)(1)(B) Form of Letter of Transmittal, incorporated by reference to Exhibit (a)(1)(B) of Schedule TO, filed by Victorinox with the SEC on July 23, 2002. (a)(1)(C) Form of Notice of Guaranteed Delivery, incorporated by reference to Exhibit (a)(1)(C) of Schedule TO, filed by Victorinox with the SEC on July 23, 2002. (a)(1)(D) Form of Letter to Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees, incorporated by reference to Exhibit (a)(1)(D) of Schedule TO, filed by Victorinox with the SEC on July 23, 2002. (a)(1)(E) Form of Letter to Clients for use by Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees, incorporated by reference to Exhibit (a)(1)(E) of Schedule TO, filed by Victorinox with the SEC on July 23, 2002. (a)(1)(F) Form of Guidelines for Certification of Taxpayer Identification Number on Substitute Form W-9, incorporated by reference to Exhibit (a)(1)(F) of Schedule TO, filed by Victorinox with the SEC on July 23, 2002. (a)(1)(G) Letter to Stockholders of the Company dated July 23, 2002. (a)(2)(A) Solicitation/Recommendation Statement, incorporated by reference to Schedule 14D-9, filed by the Company with the SEC on July 23, 2002. (a)(5)(A) Press Release issued by the Company on June 12, 2002 announcing Victorinox's proposal of the Offer, incorporated by reference to Schedule 14D-9, filed by the Company with the SEC on June 12, 2002. (a)(5)(B) Press Release issued by the Company on June 17, 2002 announcing pending stockholder lawsuits, incorporated by reference to Schedule 14D-9/A filed by the Company with the SEC on June 17, 2002. (a)(5)(C) Press Release issued by the Company on July 23, 2002 announcing the Special Committee's recommendation of the Offer, incorporated by reference to Schedule 14D-9 filed by the Company with the SEC on July 23, 2002. (a)(5)(D) Summary newspaper advertisement dated July 23, 2002, and printed in The New York Times, incorporated by reference to Exhibit (a)(5)(B) of Schedule TO, filed by Victorinox with the SEC on July 23, 2002. (b) Not applicable. (c)(1) Fairness Opinion from Needham & Company, Inc. to the Special Committee, dated June 14, 2002, incorporated by reference to Annex A on Schedule 14D-9 filed by the Company with the SEC on July 23, 2002. (c)(2) Project Alps Materials for Discussion presented by Needham & Company, Inc. to the Special Committee of the Board of Directors of the Company on June 11, 2002. (d)(1) Complaint of Eugenia G. Vogel against Swiss Army Brands, Inc., et al., filed in the Delaware Court of Chancery in and for New Castle County, on June 12, 2002. (d)(2) Complaint of John Calabria against Swiss Army Brands, Inc., et al., filed in the Delaware Court of Chancery in and for New Castle County, on June 12, 2002. (d)(3) Complaint of Alan R. Kahn against Swiss Army Brands, Inc., et al., filed in the Delaware Court of Chancery in and for New Castle County, on June 13, 2002. (d)(4) Complaint of Brickell Partners against Peter W. Gilson, et al., filed in the Connecticut Superior Court, Judicial District of Ansonia-Milford at Milford, on June 19, 2002. (d)(5) Letter Agreement dated December 12, 1983 between Victorinox Cutlery Company and The Forschner Group, Inc., incorporated by reference to Exhibit (10)-1 to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 1994. (d)(6) Mutual Agreement dated as of October 20, 1986 between Victorinox Cutlery Company and The Forschner Group, Inc., incorporated by reference to Exhibit (10)-2 to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 1994.

19 (d)(7) Letter Agreement dated as of October 20, 1986 between Victorinox Cutlery Company and The Forschner Group, Inc., incorporated by reference to Exhibit (10)-3 to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 1994. (d)(8) Mutual Agreement dated April 6, 1992 between The Forschner Group, Inc. and Victorinox Cutlery Company, incorporated by reference to Exhibit (10)-13 to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 1992. (d)(9) Mutual Agreement dated December 21, 1993 between The Forschner Group, Inc. and Victorinox Cutlery Company, incorporated by reference to Exhibit (10)-10 to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 1993. (d)(10) Letter Agreement dated September 27, 1996 between Swiss Army Brands, Inc. and Victorinox Cutlery Company, incorporated by reference to Exhibit (10)-1 to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 1997. (d)(11) Letter Agreement dated July 15, 1999 between Swiss Army Brands, Inc. and Victorinox AG, incorporated by reference to Exhibit (e)(9) of Schedule 14D-9, filed by the Company with the SEC on July 23, 2002. (d)(12) Letter Agreement dated September 15, 2000 between Swiss Army Brands, Inc. and Victorinox AG, incorporated by reference to Exhibit (e)(10) of Schedule 14D-9, filed by the Company with the SEC on July 23, 2002. (d)(13) Victorinox Swiss Army Watch AG Agreement dated July 30, 2001 between Swiss Army Brands, Inc. and Victorinox AG incorporated by reference to Exhibit 2.1 to the Company's Current Report on Form 8-K/A filed with the SEC on August 17, 2001. (d)(14) Share Purchase Agreement, dated as of June 23, 2000 (the "Xantia Agreement"), by and among the Company, Swiss Army Brands CH, Inc. (the "Buyer") and Michel and Irene Thievent (collectively, the "Sellers") with respect to Xantia S.A., incorporated by reference to Exhibit 2.1 to the Company's Current Report on Form 8-K filed on August 7, 2000. (d)(15) Amendment to the Xantia Agreement, dated as of July 10, 2000, by and among the Buyer, and the Sellers, incorporated by reference to Exhibit 2.2 to the Company's Current Report on Form 8-K filed on August 7, 2000. (d)(16) Second Amendment to the Xantia Agreement, dated as of July 24, 2000, by and among the Company, the Buyer, the Sellers and Victorinox AG, incorporated by reference to Exhibit 2.3 to the Company's Current Report on Form 8-K filed on August 7, 2000. (d)(17) 1993 Stock Option Plan, incorporated by reference to Exhibit (10)-1 to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 1993. (d)(18) 1994 Stock Option Plan, incorporated by reference to Exhibit 4.1 to Registration Statement on Form S-8, No. 33-87078 filed by The Forschner Group, Inc. with the SEC on December 6, 1994. (d)(19) Non-Incentive Stock Option Agreement dated as of July 29, 1994 between The Forschner Group, Inc. and Brae Group, Inc., incorporated by reference to Exhibit (10)-2 to the Company's Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 1994. (d)(20) 1996 Stock Option Plan, incorporated by reference to Exhibit 10.1 to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 1996. (d)(21) Confidentiality Agreement dated July 15, 2002 between the Company and Victorinox. (d)(22) Services Agreement dated as of July 29, 1994 between The Forschner Group, Inc. and Brae Group, Inc., incorporated by reference to Exhibit (10)-1 to the Company's Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 1994. (d)(23) Consulting Agreement dated as of December 7, 1991 by and between The Forschner Group, Inc. and Louis Marx, Jr., incorporated by reference to Exhibit (10)-6 to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 1994. (d)(24) Letter Agreement dated April 23, 1998 between Swiss Army Brands, Inc. and Brae Capital Corporation, incorporated by reference to Exhibit (e)(18) of Schedule 14D-9, filed by the Company with the SEC on July 23, 2002.

20 (d)(25) Pages F-1 through F-24 of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2001 and pages F-1 through F-24 of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2000 are incorporated herein by reference. (d)(26) Pages 3 through 10 of the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2002 are incorporated herein by reference. (f) Section 262 of the Delaware General Corporation Law, included as Schedule B of the Offer to Purchase, incorporated by reference to Exhibit (a)(1)(A) of Schedule TO, filed by Victorinox with the SEC on July 23, 2002.

The information incorporated by reference may be read and copied at the following locations at the SEC: Public Reference Room New York Regional Office Chicago Regional Office 450 Fifth Street, NW 233 Broadway 500 West Madison Street, Washington, D.C. 20549 New York, New York 10279 Suite 1400, Chicago, Illinois 60661-2511

Please call the SEC at 1-800-732-0330 for further information on the public reference rooms. The Company's SEC filings should also be available to the public room commercial document retrieval services and at the Internet world wide web site that the SEC maintains at http://www.sec.gov. 21 SIGNATURES After due inquiry and to the best of his or her knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct. SWISS ARMY BRANDS, INC. By: /s/ THOMAS M. LUPINSKI ------------------------------------ Name: Thomas M. Lupinski Title: Senior Vice President and Chief Financial Officer Dated: July 23, 2002 22 EXHIBIT INDEX (a)(1)(A) Offer to Purchase dated July 23, 2002, incorporated by reference to Exhibit (a)(1)(A) of Schedule TO, filed by Victorinox with the SEC on July 23, 2002. (a)(1)(B) Form of Letter of Transmittal, incorporated by reference to Exhibit (a)(1)(B) of Schedule TO, filed by Victorinox with the SEC on July 23, 2002. (a)(1)(C) Form of Notice of Guaranteed Delivery, incorporated by reference to Exhibit (a)(1)(C) of Schedule TO, filed by Victorinox with the SEC on July 23, 2002. (a)(1)(D) Form of Letter to Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees, incorporated by reference to Exhibit (a)(1)(D) of Schedule TO, filed by Victorinox with the SEC on July 23, 2002. (a)(1)(E) Form of Letter to Clients for use by Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees, incorporated by reference to Exhibit (a)(1)(E) of Schedule TO, filed by Victorinox with the SEC on July 23, 2002. (a)(1)(F) Form of Guidelines for Certification of Taxpayer Identification Number on Substitute Form W-9, incorporated by reference to Exhibit (a)(1)(F) of Schedule TO, filed by Victorinox with the SEC on July 23, 2002. (a)(1)(G) Letter to Stockholders of the Company dated July 23, 2002. (a)(2)(A) Solicitation/Recommendation Statement, incorporated by reference to Schedule 14D-9, filed by the Company with the SEC on July 23, 2002. (a)(5)(A) Press Release issued by the Company on June 12, 2002 announcing Victorinox's proposal of the Offer, incorporated by reference to Schedule 14D-9, filed by the Company with the SEC on June 12, 2002. (a)(5)(B) Press Release issued by the Company on June 17, 2002 announcing pending stockholder lawsuits, incorporated by reference to Schedule 14D-9/A filed by the Company with the SEC on June 17, 2002. (a)(5)(C) Press Release issued by the Company on July 23, 2002 announcing the Special Committee's recommendation of the Offer, incorporated by reference to Schedule 14D-9 filed by the Company with the SEC on July 23, 2002. (a)(5)(D) Summary newspaper advertisement dated July 23, 2002, and printed in The New York Times, incorporated by reference to Exhibit (a)(5)(B) on Schedule TO, filed by Victorinox with the SEC on July 23, 2002. (b) Not applicable. (c)(1) Fairness Opinion from Needham & Company, Inc. to the Special Committee, dated June 14, 2002, incorporated by reference to Annex A on Schedule 14D-9 filed by the Company with the SEC on July 23, 2002. (c)(2) Project Alps Materials for Discussion presented by Needham & Company, Inc. to the Special Committee of the Board of Directors of the Company on June 11, 2002. (d)(1) Complaint of Eugenia G. Vogel against Swiss Army Brands, Inc., et al., filed in the Delaware Court of Chancery in and for New Castle County, on June 12, 2002. (d)(2) Complaint of John Calabria against Swiss Army Brands, Inc., et al., filed in the Delaware Court of Chancery in and for New Castle County, on June 12, 2002. (d)(3) Complaint of Alan R. Kahn against Swiss Army Brands, Inc., et al., filed in the Delaware Court of Chancery in and for New Castle County, on June 13, 2002. (d)(4) Complaint of Brickell Partners against Peter W. Gilson, et al., filed in the Connecticut Superior Court, Judicial District of Ansonia-Milford at Milford, on June 19, 2002. (d)(5) Letter Agreement dated December 12, 1983 between Victorinox Cutlery Company and The Forschner Group, Inc., incorporated by reference to Exhibit (10)-1 to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 1994. (d)(6) Mutual Agreement dated as of October 20, 1986 between Victorinox Cutlery Company and The Forschner Group, Inc., incorporated by reference to Exhibit (10)-2 to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 1994. (d)(7) Letter Agreement dated as of October 20, 1986 between Victorinox Cutlery Company and The Forschner Group, Inc., incorporated by reference to Exhibit (10)-3 to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 1994.

(d)(8) Mutual Agreement dated April 6, 1992 between The Forschner Group, Inc. and Victorinox Cutlery Company, incorporated by reference to Exhibit (10)-13 to Annual Report on Form 10-K for the fiscal year ended December 31, 1992. (d)(9) Mutual Agreement dated December 21, 1993 between The Forschner Group, Inc. and Victorinox Cutlery Company, incorporated by reference to Exhibit (10)-10 to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 1993. (d)(10) Letter Agreement dated September 27, 1996 between Swiss Army Brands, Inc. and Victorinox Cutlery Company, incorporated by reference to Exhibit (10)-1 to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 1997. (d)(11) Letter Agreement dated July 15, 1999 between Swiss Army Brands, Inc. and Victorinox AG, incorporated by reference to Exhibit (e)(9) on Schedule 14D-9, filed by the Company with the SEC on July 23, 2002. (d)(12) Letter Agreement dated September 15, 2000 between Swiss Army Brands, Inc. and Victorinox AG, incorporated by reference to Exhibit (e)(10) on Schedule 14D-9, filed by the Company with the SEC on July 23, 2002. (d)(13) Victorinox Swiss Army Watch AG Agreement dated July 30, 2001 between Swiss Army Brands, Inc. and Victorinox AG incorporated by reference to Exhibit 2.1 to the Company's Current Report on Form 8-K/A filed with the SEC on August 17, 2001. (d)(14) Share Purchase Agreement, dated as of June 23, 2000 (the "Xantia Agreement"), by and among the Company, Swiss Army Brands CH, Inc. (the "Buyer") and Michel and Irene Thievent (collectively, the "Sellers") with respect to Xantia S.A., incorporated by reference to Exhibit 2.1 to the Company's Current Report on Form 8-K filed on August 7, 2000. (d)(15) Amendment to the Xantia Agreement, dated as of July 10, 2000, by and among the Buyer, and the Sellers, incorporated by reference to Exhibit 2.2 to the Company's Current Report on Form 8-K filed on August 7, 2000. (d)(16) Second Amendment to the Xantia Agreement, dated as of July 24, 2000, by and among the Company, the Buyer, the Sellers and Victorinox AG, incorporated by reference to Exhibit 2.3 to the Company's Current Report on Form 8-K filed on August 7, 2000. (d)(17) 1993 Stock Option Plan, incorporated by reference to Exhibit (10)-1 to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 1993. (d)(18) 1994 Stock Option Plan, incorporated by reference to Exhibit 4.1 to Registration Statement on Form S-8, No. 33-87078 filed by The Forschner Group, Inc. with the SEC on December 6, 1994. (d)(19) Non-Incentive Stock Option Agreement dated as of July 29, 1994 between The Forschner Group, Inc. and Brae Group, Inc., incorporated by reference to Exhibit (10)-2 to the Company's Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 1994. (d)(20) 1996 Stock Option Plan, incorporated by reference to Exhibit 10.1 to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 1996. (d)(21) Confidentiality Agreement dated July 15, 2002 between the Company and Victorinox. (d)(22) Services Agreement dated as of July 29, 1994 between The Forschner Group, Inc. and Brae Group, Inc., incorporated by reference to Exhibit (10)-1 to the Company's Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 1994. (d)(23) Consulting Agreement dated as of December 7, 1991 by and between The Forschner Group, Inc. and Louis Marx, Jr., incorporated by reference to Exhibit (10)-6 to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 1994. (d)(24) Letter Agreement dated April 23, 1998 between Swiss Army Brands, Inc. and Brae Capital Corporation, incorporated by reference to Exhibit (e)(18) on Schedule 14D-9, filed by the Company with the SEC on July 23, 2002. (d)(25) Pages F-1 through F-24 of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2001 and pages F-1 through F-24 of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2000 are incorporated herein by reference. (d)(26) Pages 3 through 10 of the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2002 are incorporated herein by reference. (f) Section 262 of the Delaware General Corporation Law, included as Schedule B of the Offer to Purchase, incorporated by reference to Exhibit (a)(1)(A) of Schedule TO, filed by Victorinox with the SEC on July 23, 2002.

EX-99.A.1.G 3 y62132e3exv99waw1wg.txt LETTER TO STOCKHOLDERS EXHIBIT (a)(1)(G) [Swiss Army Brands Logo] Peter W. Gilson Chairman and CEO July 23, 2002 Dear Stockholder: Today, SABI Acquisition Corp. (the "Purchaser"), a wholly owned subsidiary of Victorinox AG ("Victorinox") has commenced a tender offer to purchase all outstanding shares of common stock of Swiss Army Brands, Inc. ("SABI"), par value $.10 per share, not owned by Victorinox and its affiliates at a price of $9.00 per share, net to the seller in cash upon the terms and subject to the conditions set forth in the enclosed Offer to Purchase and related materials. The tender offer is currently scheduled to expire at 12:00 midnight, New York time, on Monday August 19, 2002. A special committee of SABI's board of directors (the "Special Committee") has determined that the tender offer is advisable, fair to and in the best interests of SABI's stockholders. In arriving at its recommendation, the Special Committee gave careful consideration to a number of factors that are described in the enclosed Schedule 14D-9, including, among other things, the opinion of its financial advisor, Needham & Co., Inc. ("Needham"), to the effect that the consideration to be received by stockholders pursuant to the tender offer was fair, from a financial point of view, to stockholders, as of the date of that opinion. A discussion of Needham's financial analysis can be found in SABI's enclosed Schedule 13E-3. Please read the Schedule 14D-9 and the Schedule 13E-3 carefully. The enclosed Offer to Purchase and Letter of Transmittal set forth the terms and conditions of the Purchaser's tender offer and provide instructions as to how to tender your shares. We urge you to read all of the enclosed materials carefully. Very truly yours, /s/ Peter W. Gilson Peter W. Gilson Chairman and CEO EX-99.C.2 4 y62132e3exv99wcw2.htm PROJECT ALPS MATERIALS FOR DISCUSSION PROJECT ALPS MATERIALS FOR DISCUSSION
Table of Contents

EXHIBIT (c)(2)

June 12, 2002 Needham & Company, Inc. 445 Park Avenue New York, NY 10022 212/371-8300 Project Alps

TABLE OF CONTENTS

Preliminary Summary of the Transaction

Valuation Summary

Purchase Price Sensitivity Analysis

Ranger Shareholder Analysis

Selected Company Analysis

Comparable Transaction Analysis

Ranger Historical Stock Price Performance

Discounted Cash Flow Analysis

Appendices:

A. Projected Financial Schedules of Ranger

B. Historical and Projected Quarterly Income Statement of Ranger

C. Analysis of License Agreements

D. Analysis of Insurance Policies

LETTER TO STOCKHOLDERS

PROJECT ALPS MATERIALS FOR DISCUSSION

COMPLAINT OF EUGENIA G. VOGEL

COMPLAINT OF JOHN CALABRIA

COMPLAINT OF ALAN R. KAHN

COMPLAINT OF BRICKELL PARTNERS

CONFIDENTIALITY AGREEMENT

Table of Contents

Table of Contents

Table of Contents

Presentation Basis This presentation was prepared on a confidential basis exclusively for the benefit and use of the Special Committee of the Board of Directors of Ranger (the "Company") in the context of a meeting of the Board of Directors to evaluate the feasibility of the transaction described herein, and does not carry any right of publication or disclosure. Neither this presentation nor any of its contents may be used for any other purpose without the prior written consent of Needham & Company, Inc. This presentation is also subject to the qualifications set forth in the opinion letter of Needham & Company, Inc. with respect to certain aspects of the transaction described herein. The information contained in this material was obtained from the Company and other sources. Any estimates and projections for the Company contained herein have been prepared by management or are based upon such estimates and projections, and involve numerous and significant subjective determinations, which may or may not be correct. No representation or warranty, expressed or implied, is made as to the accuracy or completeness of such information and nothing contained herein is, or shall be relied upon as, a promise or representation, whether as to the past or the future. This material was not prepared for use by readers not as familiar with the business and affairs of the Company as the Special Committee of the Board of Directors and, accordingly, Needham & Company, Inc. takes no responsibility for the accompanying material when used by persons other than the Special Committee of the Board of Directors of the Company.

Table of Contents

Preliminary Summary of the Transaction

Table of Contents

Preliminary Summary of the Transaction Structure Victorinox has made a cash offer of $9.00 for the remaining 32.3% of Ranger it does not already own. Victorinox plans to reach at least 90% ownership and complete a short form merger for the remaining outstanding shares. Timing Precise timing for the transaction has not been established. Business Descriptions of Ranger's Partially Owned Subsidiaries Xantia S.A. In July 2000, the Company purchased a 50% interest in Xantia, S.A., which designs and manufactures watches. Xantia is the principal supplier of watches to the Company, and in addition they also manufacture watches for third-party customers. VSA On July 30, 2000, the Company and Victorinox announced an agreement on the formation of ("VSA"), a new watch company that will combine the watch businesses of the two companies outside the United States, Canada and the Caribbean. Each of the Company and Victorinox have a 50% equity interest in VSA.

Table of Contents

Transaction Multiples
($ in thousands)

Proposed

Transaction Current

Price Price

Equity Purchase Price
$ 9.00 $ 6.23

Purchase Premium
44.4 %

Current Shares Outstanding⁽¹⁾
8,274 8,274

Options Issued⁽²⁾
192 8

Fully Diluted Shares Outstanding
8,465 8,282

Equity Value
$ 76,189 $ 51,607

Plus: Net Debt⁽³⁾
7,574 7,574

Enterprise Value
$ 83,763 $ 59,181

Enterprise Value as a Multiple of:

FY December 31, 2001A Net Sales
$ 114,629 0.7x 0.5x

Last Twelve Months Net Sales
118,097 0.7x 0.5x

FY December 31, 2002E Net Sales
123,769 0.7x 0.5x

FY December 31, 2003E Net Sales
141,400 0.6x 0.4x

FY December 31, 2004E Net Sales
157,000 0.5x 0.4x

FY December 31, 2005E Net Sales
174,600 0.5x 0.3x

FY December 31, 2006E Net Sales
189,900 0.4x 0.3x

FY December 31, 2001A EBIT
$ (3,740 ) NM NM

Last Twelve Months EBIT
(1,075 ) NM NM

FY December 31, 2002E EBIT
3,405 24.6x 17.4x

FY December 31, 2003E EBIT
8,118 10.3x 7.3x

FY December 31, 2004E EBIT
12,699 6.6x 4.7x

FY December 31, 2005E EBIT
18,200 4.6x 3.3x

FY December 31, 2006E EBIT
21,972 3.8x 2.7x

FY December 31, 2001A EBITDA
$ 224 373.9x 264.2x

Last Twelve Months EBITDA
2,660 31.5x 22.2x

FY December 31, 2002E EBITDA
6,440 13.0x 9.2x

FY December 31, 2003E EBITDA
10,595 7.9x 5.6x

FY December 31, 2004E EBITDA
14,732 5.7x 4.0x

FY December 31, 2005E EBITDA
20,207 4.1x 2.9x

FY December 31, 2006E EBITDA
23,919 3.5x 2.5x

Equity Value as a Multiple of:

FY December 31, 2001A Net Income
$ (3,152 ) NM NM

Last Twelve Months Net Income
(1,829 ) NM NM

FY December 31, 2002E Net Income
1,407 54.1x 36.7x

FY December 31, 2003E Net Income
3,682 20.7x 14.0x

FY December 31, 2004E Net Income
6,043 12.6x 8.5x

FY December 31, 2005E Net Income
8,975 8.5x 5.8x

FY December 31, 2006E Net Income
10,783 7.1x 4.8x

Book Value⁽³⁾
$ 74,611 1.0x 0.7x

Notes:

(1) Includes 106,000 shares related to the Bear acquisition issued April 19, 2002.

(2) Based on options vesting schedule as of March 29, 2002 and the Treasury Stock Method.

(3) As of March 31, 2002.

Page 4

Table of Contents

Project Alps
Historical and Projected Consolidated Income Statement⁽¹⁾
($ in thousands)

Fiscal Year Ending December 31,

Historical Three Months Ended

1998A 1999A 2000A 2001A 3/31/01 3/31/02

Total Revenue:

*

Total Revenue
$ 127,851 $ 129,452 $ 131,752 $ 114,629 $ 21,273 $ 24,741

Gross Profit:

*

Gross Profit
43,982 50,846 50,706 46,314 7,986 10,313

Selling, General & Administrative
(46,211 ) (43,075 ) (43,963 ) (46,090 ) (10,501 ) (10,392 )

Depreciation & Amortization
(2,794 ) (3,230 ) (3,504 ) (3,964 ) (1,159 ) (930 )

Total Operating Expenses
(49,005 ) (46,305 ) (47,467 ) (50,054 ) (11,660 ) (11,322 )

EBIT
977 4,541 3,239 (3,740 ) (3,674 ) (1,009 )

Interest and Other Income (Expense)
1,706 (2,273 ) 1,734 1,477 — —

Interest Expense
— (617 ) (1,430 ) (973 ) (218 ) (162 )

Pre-Tax Income
2,683 1,651 3,543 (3,236 ) (3,892 ) (1,171 )

Income Tax Benefit (Provision)
(1,220 ) (1,531 ) (1,579 ) 344 1,585 343

Minority Interest⁽³⁾
— — 49 (260 ) 48 (108 )

Net Income
$ 1,463 $ 120 $ 2,013 $ (3,152 ) $ (2,259 ) $ (936 )

Diluted EPS
$ 0.18 $ 0.01 $ 0.25 $ (0.39 ) $ (0.27 ) $ (0.11 )

Weighted Average Diluted Shares Outstanding
8,138 8,022 8,187 8,139 8,278 8,168

EBIT
$ 977 $ 4,541 $ 3,239 $ (3,740 ) $ (3,674 ) $ (1,009 )

Add back Depreciation & Amortization
2,794 3,230 3,504 3,964 1,159 930

EBITDA
$ 3,771 $ 7,771 $ 6,743 $ 224 $ (2,515 ) $ (79 )

EBITDA without 50% of Xantia owned by Victorinox

[Additional columns below]
[Continued from above table, first column(s) repeated]

Fiscal Year Ending December 31,

Projected

2002E⁽²⁾ 2003E⁽²⁾ 2004E⁽²⁾ 2005E⁽²⁾ 2006E⁽²⁾

Total Revenue:

*

Total Revenue
$ 123,769 $ 141,400 $ 157,000 $ 174,600 $ 189,900

Gross Profit:

*

Gross Profit
53,409 60,707 68,349 77,339 84,886

Selling, General & Administrative
(46,969 ) (50,112 ) (53,617 ) (57,132 ) (60,967 )

Depreciation & Amortization
(3,035 ) (2,477 ) (2,033 ) (2,007 ) (1,947 )

Total Operating Expenses
(50,004 ) (52,589 ) (55,650 ) (59,139 ) (62,914 )

EBIT
3,405 8,118 12,699 18,200 21,972

Interest and Other Income (Expense)
97 84 85 202 436

Interest Expense
(537 ) (449 ) (285 ) (137 ) (97 )

Pre-Tax Income
2,965 7,753 12,499 18,265 22,310

Income Tax Benefit (Provision)
(1,127 ) (3,101 ) (4,999 ) (7,306 ) (8,924 )

Minority Interest⁽³⁾
(431 ) (970 ) (1,456 ) (1,985 ) (2,603 )

Net Income
$ 1,407 $ 3,682 $ 6,043 $ 8,975 $ 10,783

Diluted EPS
$ 0.17 $ 0.44 $ 0.71 $ 1.03 $ 1.21

Weighted Average Diluted Shares Outstanding
8,220 8,385 8,552 8,724 8,898

EBIT
$ 3,405 $ 8,118 $ 12,699 $ 18,200 $ 21,972

Add back Depreciation & Amortization
3,035 2,477 2,033 2,007 1,947

EBITDA
$ 6,440 $ 10,595 $ 14,732 $ 20,207 $ 23,919

EBITDA without 50% of Xantia owned by Victorinox
$ 5,369 $ 9,306 $ 13,235 $ 18,416 $ 21,962

Notes:

(1) Projections reflect Company internal estimates.

(2) Projections include results from Xantia S.A.

(3) Minority interest includes half of Xantia S.A.’s net income and half of VSA’s net income.

* This material has been omitted pursuant to a request for confidential treatment and has been filed separately with the Securities and Exchange Commission.

Page 5

Table of Contents

Valuation Summary

Table of Contents

Project Alps
Valuation Summary
($ in thousands)

Value of

Ranger Consolidated⁽¹⁾ Insurance⁽²⁾

Comparable Company Analysis
Low High Low High

Implied Equity Valuation
$ 58,577 — $ 116,195 $ 4,379 — $ 9,043

Implied per share value

Implied fully diluted per share value⁽⁶⁾

Discounted Cash Flow Analysis
Low High Low High

Implied Equity Valuation
$ 75,292 — $ 106,323 $ 4,379 — $ 9,043

Implied per share value

Implied fully diluted per share value⁽⁶⁾

Comparable Transaction Analysis⁽⁷⁾

Implied Equity Valuation

Implied per share value⁽⁸⁾

Implied fully diluted per share value⁽⁶⁾⁽⁸⁾

Needham’s Valuation Range

Implied Equity Valuation

Implied per share value

Implied fully diluted per share value⁽⁶⁾

[Additional columns below]
[Continued from above table, first column(s) repeated]

50% of Xantia⁽³⁾ 50% of VSA⁽⁴⁾ Ranger Owned Business⁽⁵⁾

Comparable Company Analysis
Low High Low High Low High

Implied Equity Valuation
$ 3,357 — $ 16,700 $ 1,382 — $ 5,850 $ 58,217 — $ 102,688

Implied per share value
$ 7.04 — $ 12.41

Implied fully diluted per share value⁽⁶⁾
$ 6.98 — $ 11.76

Discounted Cash Flow Analysis
Low High Low High Low High

Implied Equity Valuation
$ 10,308 — $ 13,888 $ 3,520 — $ 4,885 $ 65,843 — $ 96,594

Implied per share value
$ 7.96 — $ 11.67

Implied fully diluted per share value⁽⁶⁾
$ 7.84 — $ 11.15

Comparable Transaction Analysis⁽⁷⁾

Implied Equity Valuation
$ 61,865 — $ 87,642

Implied per share value⁽⁸⁾
$ 7.48 — $ 10.59

Implied fully diluted per share value⁽⁶⁾⁽⁸⁾
$ 7.39 — $ 10.23

Needham’s Valuation Range

Implied Equity Valuation
$ 58,217 — $ 102,688

Implied per share value
$ 7.04 — $ 12.41

Implied fully diluted per share value⁽⁶⁾
$ 6.98 — $ 11.76

Notes:

(1) Ranger as a consolidated company.

(2) Non-operating assets include life insurance policies and other illiquid investments.

(3) Xantia is 50% owned by Victorinox but consolidated in Ranger’s financials. This column removes Victorinox’ interest in Xantia.

(4) VSA is 50% owned by Victorinox but consolidate in Ranger’s financials. This column removes Victorinox’ interest in VSA.

(5) This is the value of Ranger less the businesses owned by Victorinox.

(6) Based on options vesting schedule as of March 29, 2002 and the Treasury Stock Method.

(7) The comparable transactions indicate a range of premiums between 20% and 70%.

(8) Per share valuation is based on Ranger’s closing price of $6.23 as of June 10, 2002.

Page 7

Table of Contents

Project Alps
Financial Performance Attributable to Ranger⁽¹⁾

Fiscal Year Ending December 31,

2001A 2002E 2003E 2004E 2005E 2006E

Revenue:

Total Revenue
$ 114,629 $ 123,769 $ 141,400 $ 157,000 $ 174,600 $ 189,900

(minus 50% of VSA Revenue)
(2,724 ) (4,500 ) (6,000 ) (7,500 ) (9,000 ) (11,000 )

(minus 50% of Xantia Revenue)
(10,937 ) (13,500 ) (15,105 ) (17,130 ) (19,860 ) (21,690 )

Revenue Attributable to Ranger
$ 100,969 $ 105,769 $ 120,295 $ 132,370 $ 145,740 $ 157,210

EBIT:

Total EBIT
$ (3,740 ) $ 3,405 $ 8,118 $ 12,699 $ 18,200 $ 21,972

(minus 50% of VSA EBIT)
89 276 (100 ) (430 ) (738 ) (1,232 )

(minus 50% of Xantia EBIT)
(340 ) (922 ) (1,139 ) (1,347 ) (1,641 ) (1,807 )

EBIT Attributable to Ranger
$ (3,991 ) $ 2,760 $ 6,879 $ 10,922 $ 15,821 $ 18,933

EBITDA:

Total EBITDA
$ 224 $ 6,440 $ 10,595 $ 14,732 $ 20,207 $ 23,919

(minus 50% of VSA EBITDA)
(10 ) 166 (205 ) (527 ) (841 ) (1,345 )

(minus 50% of Xantia EBITDA)
(190 ) (1,072 ) (1,289 ) (1,497 ) (1,791 ) (1,957 )

EBITDA Attributable to Ranger
$ 24 $ 5,369 $ 9,306 $ 13,235 $ 18,416 $ 21,962

Net Income:

Total Net Income
$ (3,152 ) $ 1,386 $ 3,682 $ 6,043 $ 8,974 $ 10,783

(minus 50% of VSA Net Income)(2)
89 276 (100 ) (430 ) (738 ) (1,232 )

(minus 50% of Xantia Net Income)
230 (707 ) (870 ) (1,026 ) (1,247 ) (1,371 )

Net Income Attributable to Ranger
$ (2,833 ) $ 976 $ 2,712 $ 4,587 $ 6,990 $ 8,180

Notes:

(1) Assume Xantia’s results are captured in full starting in the fiscal year ending December 31, 2002.

(2) Ranger has indicated that VSA does not incur income taxes.

Page 8

Table of Contents

Consolidated Ranger
Valuation Based on Comparable Company Analysis
($ in thousands)

Ranger

Enterprise Value / CY 2002E Revenue

Low
0.7x

High
1.0x

FY 2002E Revenue
$ 123,769

Implied Equity Value⁽²⁾

Low
$ 79,064

High
$ 116,195

Enterprise Value / LTM EBITDA

Low
7.5x

High
9.5x

FY 2003E EBITDA
$ 10,595

Implied Equity Value⁽²⁾⁽³⁾

Low
$ 58,577

High
$ 76,218

Price / Earnings CY 2002E

Low
15.0x

High
17.0x

FY 2003E Net Income⁽¹⁾
$ 4,652

Implied Equity Value⁽³⁾

Low
$ 61,750

High
$ 69,983

Price / Most Recent Book

Low
0.8x

High
1.2x

Book Value for Ranger⁽¹⁾
$ 74,611

Implied Equity Value

Low
$ 59,689

High
$ 89,533

Implied Equity Value

Low
$ 58,577

Mean
87,386

High
116,195

Xantia S.A.

Enterprise Value / CY 2002E Revenue

Low
0.9x

High
1.2x

FY 2002E Revenue
$ 27,000

Implied Equity Value⁽⁴⁾

Low
$ 25,300

High
$ 33,400

Enterprise Value / LTM EBITDA

Low
8.0x

High
10.0x

FY 2003E EBITDA
$ 2,578

Implied Equity Value⁽⁴⁾⁽⁵⁾

Low
$ 17,944

High
$ 22,180

Price / Earnings CY 2002E

Low
16.0x

High
18.0x

FY 2003E Net Income
$ 1,740

Implied Equity Value⁽⁵⁾

Low
$ 24,421

High
$ 27,474

Price / Most Recent Book

Low
0.9x

High
1.3x

Book Value
$ 7,461

Implied Equity Value

Low
$ 6,715

High
$ 9,699

Implied Equity Value

Low
$ 6,715

Mean
20,057

High
33,400

VSA

Enterprise Value / CY 2002E Revenue

Low
1.0x

High
1.3x

FY 2002E Revenue
$ 9,000

Implied Equity Value

Low
$ 9,000

High
$ 11,700

Enterprise Value / LTM EBITDA

Low
8.2x

High
10.2x

FY 2003E EBITDA
$ 410

Implied Equity Value⁽⁵⁾

Low
$ 2,764

High
$ 3,438

Price / Earnings CY 2002E

Low
16.3x

High
18.3x

FY 2003E Net Income
$ 200

Implied Equity Value⁽⁵⁾

Low
$ 2,860

High
$ 3,211

Price / Most Recent Book

Low
0.9x

High
1.3x

Book Value
$ 3,731

Implied Equity Value

Low
$ 3,357

High
$ 4,850

Implied Equity Value

Low
$ 2,764

Mean
7,232

High
11,700

Ranger without 50% Xantia , 50% VSA
Owned by Victorinox

Implied Equity Valuation Range

Low
$ 53,838

Mean
73,741

High
93,645

Current Shares Outstanding⁽⁶⁾
8,274

Implied Stock Price

Low
$ 6.51

Mean
8.91

High
11.32

Diluted Shares Outstanding⁽⁷⁾

Based on Low
8,295

Based on Mean
8,459

Based on High
8,634

Diluted Implied Stock Price

Based on Low
$ 6.49

Based on Mean
8.72

Based on High
10.85

Notes:

(1) Includes minority interest to arrive at a net income figure for Ranger as a consolidated entity.

(2) As of March 31, 2002 Ranger has $408,000 in cash and $7,982,000 in debt.

(3) Assumes a discount rate of 13.0% to arrive at a LTM valuation.

(4) Assumes Xantia has $1,000,000 in cash and no debt.

(5) Assumes a discount rate of 14.0% to arrive at a LTM valuation.

(6) Includes 106,000 shares related to the Bear acquisition to be issued on April 19, 2002.

(7) Based on options vesting schedule as of March 29, 2002 and the Treasury Stock Method.

Page 9

Table of Contents

Project Alps
Summary Discounted Cash Flow Analysis⁽¹⁾
($ in thousands)

Ranger Xantia

Discount Rate Discount Rate

10.0% 12.0% 15.0% 10.0% 12.0% 15.0%

A Present Value of Free Cash Flows $ 16,386 $ 15,322 $ 13,901 $ 5,544 $ 5,243 $ 4,838

[Additional columns below]
[Continued from above table, first column(s) repeated]

VSA

Discount Rate

10.0% 12.0% 15.0%

A Present Value of Free Cash Flows $ 2,293 $ 2,096 $ 1,836

Ranger Xantia

Discount Rate Discount Rate

10.0% 12.0% 15.0% 10.0% 12.0% 15.0%

B Present Value of Terminal Value $ 74,295 $ 71,022 $ 66,480 7.0x $ 16,515 $ 15,787 $ 14,778

Based on EBITDA Multiples⁽²⁾ $ 85,903 $ 82,119 $ 76,868 8.0x $ 18,874 $ 18,043 $ 16,889

$ 97,511 $ 93,216 $ 87,255 9.0x $ 21,233 $ 20,298 $ 19,000

[Additional columns below]
[Continued from above table, first column(s) repeated]

VSA

Discount Rate

10.0% 12.0% 15.0%

B Present Value of Terminal Value 7.0x $ 5,815 $ 5,559 $ 5,203

Based on EBITDA Multiples⁽²⁾ 8.0x $ 6,646 $ 6,353 $ 5,947

9.0x $ 7,477 $ 7,147 $ 6,690

Ranger Xantia

Discount Rate Discount Rate

10.0% 12.0% 15.0% 10.0% 12.0% 15.0%

C = A + B
Enterprise Value $ 90,680 $ 87,408 $ 82,866 7.0x $ 22,058 $ 21,030 $ 19,616

Based on EBITDA Multiples $ 102,289 $ 98,505 $ 93,254 8.0x $ 24,417 $ 23,286 $ 21,727

$ 113,897 $ 109,602 $ 103,641 9.0x $ 26,777 $ 25,541 $ 23,838

D
Less : Net Debt⁽³⁾⁽⁴⁾ $ (7,574 ) $ (7,574 ) $ (7,574 ) $ 1,000 $ 1,000 $ 1,000

[Additional columns below]
[Continued from above table, first column(s) repeated]

VSA

Discount Rate

10.0% 12.0% 15.0%

C = A + B
Enterprise Value 7.0x $ 8,108 $ 7,655 $ 7,040

Based on EBITDA Multiples 8.0x $ 8,938 $ 8,449 $ 7,783

9.0x $ 9,769 $ 9,244 $ 8,527

D
Less : Net Debt⁽³⁾⁽⁴⁾ $ — $ — $ —

Ranger Xantia

Discount Rate Discount Rate

10.0% 12.0% 15.0% 10.0% 12.0% 15.0%

E = C + D
Equity Value $ 83,106 $ 79,834 $ 75,292 $ 23,058 $ 22,030 $ 20,616

Based on EBITDA Multiples $ 94,715 $ 90,931 $ 85,680 $ 25,417 $ 24,286 $ 22,727

$ 106,323 $ 102,028 $ 96,067 $ 27,777 $ 26,541 $ 24,838

[Additional columns below]
[Continued from above table, first column(s) repeated]

VSA

Discount Rate

10.0% 12.0% 15.0%

E = C + D
Equity Value $ 8,108 $ 7,655 $ 7,040

Based on EBITDA Multiples $ 8,938 $ 8,449 $ 7,783

$ 9,769 $ 9,244 $ 8,527

Notes:

(1) Based on 2004 EBITDA.

(2) Ranger’s terminal value reflects a blended EBITDA multiple.

(3) As of March 31, 2002 Ranger has $1,187,000 in cash and $7,979,226 in debt.

(4) Assumes Xantia has $1,000,000 in cash and no debt.

Page 10

Table of Contents

Project Alps
Summary Comparable Transaction Analysis
Acquirors with Preexisting Ownership Greater Than 50%
January 1, 2000 to Present

Equity Value/

Enterprise Value / Target LTM

LTM Announced

Net Sales EBIT EBITDA Net Income Book Premium % Owned % Acquired

Mean
2.1x 17.2x 15.3x 30.5x 2.5x 35.1 % 72.8 % 85.9 %

Median
1.1x 13.1x 9.3x 16.5x 1.8x 24.7 % 73.2 % 100.0 %

High
14.4x 102.6x 145.1x 260.2x 14.7x 220.0 % 96.2 % 100.0 %

Low
0.1x 2.1x 1.3x 2.8x -0.5x -15.8 % 50.6 % 3.8 %

Selected Brand and Apparel Retailers
January 1, 1997 to Present

Equity Value/

Enterprise Value / Target LTM

LTM Announced

Net Sales EBIT EBITDA Net Income Book Premium % Owned % Acquired

Mean
0.9x 30.1x 9.3x 17.2x 6.0x 39.1 % 55.3 % 83.4 %

Median
0.6x 14.4x 7.3x 18.6x 1.8x 38.8 % 56.5 % 100.0 %

High
2.9x 184.3x 25.8x 31.1x 29.8x 114.9 % 92.3 % 100.0 %

Low
0.3x 6.3x 4.3x 1.3x 0.6x 7.1 % 16.0 % 7.7 %

Ranger Multiples at an Implied Stock Price of $9.00

0.7x
NM 31.5x NM 1.0x 44.4 %

Page 11

Table of Contents

Purchase Price Sensitivity Analysis

Table of Contents

Project Alps
Purchase Price Sensitivity Analysis
($ in thousands)

Equity Purchase Price
$ 5.00 $ 6.00 $ 7.00 $ 8.00 $ 9.00 $ 10.00 $ 11.00 $ 12.00 $ 13.00

Current Shares Outstanding⁽¹⁾
8,274 8,274 8,274 8,274 8,274 8,274 8,274 8,274 8,274

Options Issued⁽²⁾
3 8 62 131 192 262 331 421 519

Fully Diluted Shares Outstanding
8,277 8,281 8,336 8,405 8,465 8,536 8,604 8,695 8,793

Equity Value
$ 41,385 $ 49,689 $ 58,354 $ 67,236 $ 76,189 $ 85,356 $ 94,648 $ 104,334 $ 114,308

Plus: Net Debt⁽³⁾
7,574 7,574 7,574 7,574 7,574 7,574 7,574 7,574 7,574

Enterprise Value
$ 48,959 $ 57,263 $ 65,928 $ 74,810 $ 83,763 $ 92,930 $ 102,222 $ 111,908 $ 121,882

Enterprise Value as a Multiple of:

FY December 31, 2001A Net Sales
$ 114,629 0.4x 0.5x 0.6x 0.7x 0.7x 0.8x 0.9x 1.0x 1.1x

Last Twelve Months Net Sales
118,097 0.4x 0.5x 0.6x 0.6x 0.7x 0.8x 0.9x 0.9x 1.0x

FY December 31, 2002E Net Sales
123,769 0.4x 0.5x 0.5x 0.6x 0.7x 0.8x 0.8x 0.9x 1.0x

FY December 31, 2003E Net Sales
141,400 0.3x 0.4x 0.5x 0.5x 0.6x 0.7x 0.7x 0.8x 0.9x

FY December 31, 2004E Net Sales
157,000 0.3x 0.4x 0.4x 0.5x 0.5x 0.6x 0.7x 0.7x 0.8x

FY December 31, 2005E Net Sales
174,600 0.3x 0.3x 0.4x 0.4x 0.5x 0.5x 0.6x 0.6x 0.7x

FY December 31, 2006E Net Sales
189,900 0.3x 0.3x 0.3x 0.4x 0.4x 0.5x 0.5x 0.6x 0.6x

FY December 31, 2001A EBIT
$ (3,740 ) NM NM NM NM NM NM NM NM NM

Last Twelve Months EBIT
(1,075 ) NM NM NM NM NM NM NM NM NM

FY December 31, 2002E EBIT
3,405 14.4x 16.8x 19.4x 22.0x 24.6x 27.3x 30.0x 32.9x 35.8x

FY December 31, 2003E EBIT
8,118 6.0x 7.1x 8.1x 9.2x 10.3x 11.4x 12.6x 13.8x 15.0x

FY December 31, 2004E EBIT
12,699 3.9x 4.5x 5.2x 5.9x 6.6x 7.3x 8.0x 8.8x 9.6x

FY December 31, 2005E EBIT
18,200 2.7x 3.1x 3.6x 4.1x 4.6x 5.1x 5.6x 6.1x 6.7x

FY December 31, 2006E EBIT
21,972 2.2x 2.6x 3.0x 3.4x 3.8x 4.2x 4.7x 5.1x 5.5x

FY December 31, 2001A EBITDA
$ 224 218.6x 255.6x 294.3x 334.0x 373.9x 414.9x 456.4x 499.6x 544.1x

Last Twelve Months EBITDA
2,660 18.4x 21.5x 24.8x 28.1x 31.5x 34.9x 38.4x 42.1x 45.8x

FY December 31, 2002E EBITDA
6,440 7.6x 8.9x 10.2x 11.6x 13.0x 14.4x 15.9x 17.4x 18.9x

FY December 31, 2003E EBITDA
10,595 4.6x 5.4x 6.2x 7.1x 7.9x 8.8x 9.6x 10.6x 11.5x

FY December 31, 2004E EBITDA
14,732 3.3x 3.9x 4.5x 5.1x 5.7x 6.3x 6.9x 7.6x 8.3x

FY December 31, 2005E EBITDA
20,207 2.4x 2.8x 3.3x 3.7x 4.1x 4.6x 5.1x 5.5x 6.0x

FY December 31, 2006E EBITDA
23,919 2.0x 2.4x 2.8x 3.1x 3.5x 3.9x 4.3x 4.7x 5.1x

Equity Value as a Multiple of:

FY December 31, 2001A Net Income
$ (3,152 ) NM NM NM NM NM NM NM NM NM

Last Twelve Months Net Income
(1,829 ) NM NM NM NM NM NM NM NM NM

FY December 31, 2002E Net Income
1,407 29.9x 35.3x 41.5x 47.8x 54.1x 60.7x 67.3x 74.1x 81.2x

FY December 31, 2003E Net Income
3,682 11.2x 13.5x 15.8x 18.3x 20.7x 23.2x 25.7x 28.3x 31.0x

FY December 31, 2004E Net Income
6,043 6.8x 8.2x 9.7x 11.1x 12.6x 14.1x 15.7x 17.3x 18.9x

FY December 31, 2005E Net Income
8,974 4.6x 5.5x 6.5x 7.5x 8.5x 9.5x 10.5x 11.6x 12.7x

FY December 31, 2006E Net Income
10,783 3.8x 4.6x 5.4x 6.2x 7.1x 7.9x 8.8x 9.7x 10.6x

Book Value⁽³⁾
$ 74,611 0.6x 0.7x 0.8x 0.9x 1.0x 1.1x 1.3x 1.4x 1.5x

Notes:

(1) Includes 106,000 shares related to the Bear acquisition issued April 19, 2002.

(2) Based on options vesting schedule as of March 29, 2002 and the Treasury Stock Method.

(3) As of March 31, 2002.

Page 13

Table of Contents

Ranger Shareholder Analysis

Table of Contents

Ranger
Shareholder Analysis
(Shares in Thousands)

Percentage of

Shares Total Shares

Owned Outstanding

Shares held by:

Victorinox ⁽¹⁾
5,254 63.50 %

Management / Insiders ⁽¹⁾⁽²⁾
140 1.69 %

Dimensional Funds Advisors, Inc. ⁽³⁾
503 6.08 %

Charles Elsener, Sr. ⁽¹⁾
347 4.19 %

Shufro, Rose & Co., LLC ⁽⁴⁾
307 3.71 %

David L. Babson & Co., Inc. ⁽⁴⁾
302 3.65 %

Other Institutional Shareholders ⁽⁴⁾
191 2.31 %

Retail
1,230 14.87 %

Total Shares Outstanding
8,274 100.00 %

Notes:

(1) Source: Proxy Statement filed on 4/23/02, excludes exercisable stock options.

(2) Management beneficially owns 1,645,793 shares, of which includes exercisable stock options.

(3) Source: Schedule 13F filed 3/31/02.

(4) Source: Shareworld

Page 15

Table of Contents

Ranger
Stock Ownership of Management
(Shares in Thousands)

Total Number of Number of Shares

Shares Options / Held as a Percentage

Benefically Warrants Number of of Total Shares Weighted Average

Name of Beneficial Owner Position Owned Exercisable Shares Held Outstanding Strike Price

Louis Marx, Jr. Director, Chairman of the Executive Committee 524 500 24 0.29% $ 9.58

Peter W. Gilson Chairman and CEO 233 232 1 0.01% 11.10

Stanley R. Rawn, Jr. Senior Managing Director, member of the Executive Committee and Nominating Committee 143 100 43 0.52% 11.35

Thomas M. Lupinski Senior VP, CFO 96 79 17 0.21% 8.40

James R. Cary Senior Vice
President,
Operations 56 54 3 0.03% 8.17

Robert S. Prather, Jr. Director, member of the Audit Committee 56 10 46 0.55% 6.38

A. Jeffrey Turner President 51 49 3 0.03% 7.67

A. Clinton Allen Director, Chairman of the Stock Option and Compensation Committee, member of the Executive Committee 51 50 1 0.01% 11.74

Clarke H. Bailey Director, member of the Executive Committee 43 40 3 0.04% 8.72

Susanne Rechner Senior Vice
President, Global
Watch 15 15 - 0.00% 4.47

John Spencer Director, member of the Audit Committee and Stock Option and Compensation Committee 11 10 1 0.01% 6.38

John V. Tunney Director, member of the Stock Option and Compensation Committee 11 10 1 0.01% 6.38

Herbert M. Friedman VP, General Counsel and Director 3 - 3 0.04% 5.29

All directors and executive officers as a group (15 persons) 1,243 1,103 140 1.69 %

Page 16

Table of Contents

Ranger
Institutional Shareholders
(Shares in Thousands)

Percentage of

Total Shares

Institution Shares Owned Outstanding

AXA Rosenberg Investment Management LLC
70 0.84 %

California Public EMP Retirement System
39 0.47 %

Northern Trust Company
31 0.37 %

Mellon Private Asset Management
17 0.21 %

D.F. Dent & Company, Inc.
10 0.12 %

Havard Management Co., Inc.
9 0.11 %

Prudential Investment Management, Inc.
7 0.08 %

Fidelity Management
5 0.06 %

Barclays Global Investors, N.A
3 0.03 %

CIBC World Markets Corp.
1 0.01 %

Total Institutional Shareholders
191 2.31 %

Page 17

Table of Contents

Selected Company Analysis Summary

Table of Contents

Ranger
Selected Company Summary
(in thousands, except per share amounts)

Margin Analysis Enterprise Value/

Gross Profit EBITDA EBIT Net Income Revenues EBITDA

Company⁽¹⁾ LTM LTM LTM LTM LTM CY 2002E⁽²⁾ CY 2003E⁽²⁾ LTM

Tier One

Tiffany & Co.
59.3 % 23.8 % 19.7 % 10.9 % 3.4x 3.2x 2.8x 14.4x

Coach, Inc.
67.2 % 22.2 % 18.5 % 11.6 % 3.5x 3.2x NA 16.0x

Oakley, Inc.
58.0 % 21.3 % 15.6 % 10.5 % 3.0x 2.5x 2.0x 13.9x

Mean
61.5 % 22.4 % 17.9 % 11.0 % 3.3x 2.9x 2.4x 14.7x

Median
59.3 % 22.2 % 18.5 % 10.9 % 3.4x 3.2x 2.4x 14.4x

High
67.2 % 23.8 % 19.7 % 11.6 % 3.5x 3.2x 2.8x 16.0x

Low
58.0 % 21.3 % 15.6 % 10.5 % 3.0x 2.5x 2.0x 13.9x

Tier Two

Energizer Holdings, Inc.
42.1 % 18.6 % 13.9 % 5.5 % 1.6x 1.5x NA 8.7x

The Timberland Company
44.0 % 14.9 % 13.0 % 8.8 % 1.2x 1.2x 1.1x 8.1x

Columbia Sportswear Company
45.8 % 21.2 % 19.0 % 11.4 % 1.7x 1.6x 1.5x 7.9x

Kenneth Cole Productions, Inc.
44.2 % 8.4 % 7.0 % 4.6 % 1.3x 1.2x 1.1x 15.4x

Fossil, Inc.
49.9 % 15.9 % 14.0 % 8.0 % 1.1x 1.0x 0.9x 6.8x

Quicksilver, Inc.
37.4 % 10.4 % 8.2 % 4.1 % 1.1x 1.1x NA 10.4x

Movado Group, Inc.
61.3 % 11.7 % 9.8 % 6.6 % 1.1x 1.0x NA 9.2x

Mean
46.4 % 14.5 % 12.1 % 7.0 % 1.3x 1.2x 1.1x 9.5x

Median
44.2 % 14.9 % 13.0 % 6.6 % 1.2x 1.2x 1.1x 8.7x

High
61.3 % 21.2 % 19.0 % 11.4 % 1.7x 1.6x 1.5x 15.4x

Low
37.4 % 8.4 % 7.0 % 4.1 % 1.1x 1.0x 0.9x 6.8x

Tier Three

Tropical Sportswear Int’l Corporation
28.2 % 8.6 % 6.6 % 2.1 % 0.7x NA NA 8.7x

Vans, Inc.
46.3 % 8.8 % 6.5 % 4.3 % 0.4x 0.4x NA 4.4x

A.T. Cross Company
53.0 % 12.7 % 6.7 % 0.2 % 0.8x NA NA 6.4x

Perry Ellis International, Inc.
32.0 % 11.8 % 9.6 % 2.9 % 0.9x NA NA 7.5x

Cutter & Buck, Inc.
38.0 % 0.3 % -2.9 % -2.5 % 0.5x 0.5x NA NM

Deckers Outdoor Corporation
42.2 % 8.4 % 4.6 % -7.1 % 0.4x 0.3x 0.3x 4.4x

Mean
39.9 % 8.4 % 5.2 % 0.0 % 0.6x 0.4x 0.3x 6.3x

Median
40.1 % 8.7 % 6.5 % 1.2 % 0.6x 0.4x 0.3x 6.4x

High
53.0 % 12.7 % 9.6 % 4.3 % 0.9x 0.5x 0.3x 8.7x

Low
28.2 % 0.3 % -2.9 % -7.1 % 0.4x 0.3x 0.3x 4.4x

Ranger
41.2 % 2.3 % -0.9 % -1.5 % 0.6x 0.5x 0.5x NM

[Additional columns below]
[Continued from above table, first column(s) repeated]

Price/

EBIT EPS

LTM LTM CY 2002E⁽²⁾ CY 2003E⁽²⁾ Market Value/
Last Q Book

Tier One

Tiffany & Co.
17.3x 31.7x 28.0x 24.0x 5.0x

Coach, Inc.
19.2x 31.7x 26.2x NA 10.8x

Oakley, Inc.
19.0x 27.4x 22.2x 18.4x 4.7x

Mean
18.5x 30.3x 25.5x 21.2x 6.9x

Median
19.0x 31.7x 26.2x 21.2x 5.0x

High
19.2x 31.7x 28.0x 24.0x 10.8x

Low
17.3x 27.4x 22.2x 18.4x 4.7x

Tier Two

Energizer Holdings, Inc.
11.6x 27.4x 16.6x NA 3.7x

The Timberland Company
9.3x 15.1x 16.2x 14.1x 4.1x

Columbia Sportswear Company
8.8x 15.6x 15.6x 14.0x 3.8x

Kenneth Cole Productions, Inc.
18.4x 33.3x 25.3x 20.6x 3.8x

Fossil, Inc.
7.7x 15.4x 12.5x 10.6x 2.5x

Quicksilver, Inc.
13.3x 23.5x 18.9x NA 2.6x

Movado Group, Inc.
11.0x 12.6x 12.5x 11.2x 1.5x

Mean
11.5x 20.4x 16.8x 14.1x 3.1x

Median
11.0x 15.6x 16.2x 14.0x 3.7x

High
18.4x 33.3x 25.3x 20.6x 4.1x

Low
7.7x 12.6x 12.5x 10.6x 1.5x

Tier Three

Tropical Sportswear Int’l Corporation
11.3x 19.9x NA NA 2.0x

Vans, Inc.
5.9x 10.3x 26.8x NA 0.8x

A.T. Cross Company
12.0x NM 7.5x NA 1.6x

Perry Ellis International, Inc.
9.2x 12.0x 8.0x 7.2x 1.0x

Cutter & Buck, Inc.
NM NM NM NA 0.8x

Deckers Outdoor Corporation
8.1x NM 8.3x NA 0.8x

Mean
9.3x 14.0x 12.7x 7.2x 1.2x

Median
9.2x 12.0x 8.2x 7.2x 0.9x

High
12.0x 19.9x 26.8x 7.2x 2.0x

Low
5.9x 10.3x 7.5x 7.2x 0.8x

Ranger
NM NM 36.7x 14.2x 0.7x

Notes:

(1) All financials are net of non-recurring items and are taxed at the Company’s effective tax rate.

(2) Source: First Call

Page 19

Table of Contents

Ranger
Selected Company Summary
(in thousands, except per share amounts)

Revenue Growth Rate

Price Market Net Enterprise FY 2000/ LTM/ CY 2002E/ EBITDA

Company (1) Ticker 6/10/02 Value Debt Value FY 2001 CY 2002E CY 2003E LTM

Tier One

Tiffany & Co.
TIF $ 37.01 $ 5,385,143 $ 130,205 $ 5,515,348 -3.7 % 7.7 % 12.5 % $ 384,301

Coach, Inc.
COH 56.32 2,485,336 (37,202 ) 2,463,720 12.2 % 10.9 % NA 154,389

Oakley, Inc.
OO 18.42 1,269,292 48,861 1,318,153 18.1 % 20.8 % 20.6 % 94,757

Mean
$ 3,046,590 $ 47,288 $ 3,099,074 8.9 % 13.1 % 16.5 % $ 211,149

Median
2,485,336 48,861 2,463,720 12.2 % 10.9 % 16.5 % 154,389

High
5,385,143 130,205 5,515,348 18.1 % 20.8 % 20.6 % 384,301

Low
1,269,292 (37,202 ) 1,318,153 -3.7 % 7.7 % 12.5 % 94,757

Tier Two

Energizer Holdings, Inc. (3)
ENR 27.51 2,514,099 $ 225,800 2,739,899 -12.1 % 6.4 % NA 314,675

The Timberland Company
TBL 38.96 1,473,670 (69,396 ) 1,404,274 8.4 % 2.0 % 6.5 % 172,929

Columbia Sportswear Company
COLM 34.97 1,376,505 (66,246 ) 1,310,259 26.8 % 2.3 % 10.3 % 166,755

Kenneth Cole Productions, Inc.
KCP 28.60 561,904 (68,445 ) 493,459 -5.0 % 7.8 % 8.2 % 32,040

Fossil, Inc.
FOSL 22.37 684,759 (71,570 ) 616,335 8.2 % 10.9 % 13.6 % 90,171

Quicksilver, Inc.
ZQK 26.15 607,608 108,282 715,890 19.3 % 3.5 % NA 68,603

Movado Group, Inc.
MOV 20.70 274,120 49,593 323,713 -6.6 % 4.8 % NA 35,246

Mean
$ 1,070,381 $ 15,431 $ 1,086,261 5.6 % 5.4 % 9.7 % $ 125,774

Median
684,759 (66,246 ) 715,890 8.2 % 4.8 % 9.3 % 90,171

High
2,514,099 225,800 2,739,899 26.8 % 10.9 % 13.6 % 314,675

Low
274,120 (71,570 ) 323,713 -12.1 % 2.0 % 6.5 % 32,040

Tier Three

Tropical Sportswear Int’l Corporation
TSIC $ 23.82 $ 186,076 $ 145,597 $ 331,673 -7.7 % NA NA $ 38,129

Vans, Inc.
VANS 9.37 172,424 (40,470 ) 135,079 23.0 % -0.5 % NA 31,000

A.T. Cross Company
ATX 7.45 121,013 (23,508 ) 97,505 -5.4 % NA NA 15,324

Perry Ellis International, Inc.
PERY 15.20 96,070 149,763 246,488 -2.7 % NA NA 32,875

Cutter & Buck, Inc.
CBUK 6.64 70,316 6,010 76,326 12.2 % 0.0 % NA 479

Deckers Outdoor Corporation
DECK 5.00 46,303 (12,624 ) 33,679 -19.6 % 18.0 % 13.2 % 7,585

Mean
$ 115,367 $ 37,461 $ 153,458 0.0 % 5.8 % 13.2 % $ 20,899

Median
108,542 (3,307 ) 116,292 -4.0 % 0.0 % 13.2 % 23,162

High
186,076 149,763 331,673 23.0 % 18.0 % 13.2 % 38,129

Low
46,303 (40,470 ) 33,679 -19.6 % -0.5 % 13.2 % 479

Ranger
$ 6.23 $ 51,554 $ 7,574 $ 65,784 -13.0 % 4.8 % 14.2 % $ 2,660

[Additional columns below]
[Continued from above table, first column(s) repeated]

Growth Rate

EPS

LTM/ CY 2002E/

LTM CY 2002E(2) CY 2003E(2) CY 2002E CY 2003E

Tier One

Tiffany & Co.
$ 1.17 $ 1.32 $ 1.54 13.0 % 16.7 %

Coach, Inc.
1.78 2.15 NA 20.9 % NA

Oakley, Inc.
0.67 0.83 1.00 23.6 % 20.5 %

Mean
$ 1.21 $ 1.43 $ 1.27 19.2 % 18.6 %

Median
1.17 1.32 1.27 20.9 % 18.6 %

High
1.78 2.15 1.54 23.6 % 20.5 %

Low
0.67 0.83 1.00 13.0 % 16.7 %

Tier Two

Energizer Holdings, Inc. (3)
1.00 1.66 NA 65.4 % NA

The Timberland Company
2.57 2.41 2.77 -6.4 % 14.9 %

Columbia Sportswear Company
2.24 2.24 2.49 0.1 % 11.2 %

Kenneth Cole Productions, Inc.
0.86 1.13 1.39 31.4 % 23.0 %

Fossil, Inc.
1.45 1.79 2.11 23.5 % 17.9 %

Quicksilver, Inc.
1.11 1.38 NA 24.0 % NA

Movado Group, Inc.
1.65 1.65 1.85 0.1 % 12.1 %

Mean
$ 1.55 $ 1.75 $ 2.12 19.7 % 15.8 %

Median
1.45 1.66 2.11 23.5 % 14.9 %

High
2.57 2.41 2.77 65.4 % 23.0 %

Low
0.86 1.13 1.39 -6.4 % 11.2 %

Tier Three

Tropical Sportswear Int’l Corporation
$ 1.20 NA NA NA NA

Vans, Inc.
0.91 0.35 NA NM NA

A.T. Cross Company
0.02 1.00 NA NM NA

Perry Ellis International, Inc.
1.27 1.89 2.10 48.6 % 11.1 %

Cutter & Buck, Inc.
(0.40 ) (0.05 ) NA NM NA

Deckers Outdoor Corporation
(0.66 ) 0.60 NA NM NA

Mean
$ 0.39 $ 0.76 $ 2.10 48.6 % 11.1 %

Median
0.46 0.60 2.10 48.6 % 11.1 %

High
1.27 1.89 2.10 48.6 % 11.1 %

Low
(0.66 ) (0.05 ) 2.10 48.6 % 11.1 %

Ranger
$ (0.39 ) $ 0.17 $ 0.44 NM 158.8 %

Notes:

(1) All financials are net of non-recurring items and are taxed at the Company’s effective tax rate.

(2) Source: First Call

(3) Company’s financials are net of non-recurring items taxed at its 35% statutory income tax rate.

Page 20

Table of Contents

Comparable Transaction Analysis

Table of Contents

Project Alps
Summary Comparable Transaction Analysis
Acquirors with Preexisting Ownership Greater Than 50%
January 1, 2000 to Present

Equity Value/

Enterprise Value / Target LTM LTM Announced

Net Sales EBIT EBITDA Net Income Book Premium % Owned % Acquired

Mean
2.1x 17.2x 15.3x 30.5x 2.5x 35.1 % 72.8 % 85.9 %

Median
1.1x 13.1x 9.3x 16.5x 1.8x 24.7 % 73.2 % 100.0 %

High
14.4x 102.6x 145.1x 260.2x 14.7x 220.0 % 96.2 % 100.0 %

Low
0.1x 2.1x 1.3x 2.8x -0.5x -15.8 % 50.6 % 3.8 %

Selected Brand and Apparel Retailers
January 1, 1997 to Present

Equity Value/

Enterprise Value / Target LTM LTM Announced

Net Sales EBIT EBITDA Net Income Book Premium % Owned % Acquired

Mean
0.9x 30.1x 9.3x 17.2x 6.0x 39.1 % 55.3 % 83.4 %

Median
0.6x 14.4x 7.3x 18.6x 1.8x 38.8 % 56.5 % 100.0 %

High
2.9x 184.3x 25.8x 31.1x 29.8x 114.9 % 92.3 % 100.0 %

Low
0.3x 6.3x 4.3x 1.3x 0.6x 7.1 % 16.0 % 7.7 %

Ranger Multiples at an Implied Stock Price of $9.00

0.7x
NM 31.5x NM 1.0x 44.4 %

Page 22

Table of Contents

Project Alps
Comparable Transaction Analysis
Acquirors with Preexisiting Ownership Greater Than 50%
January 1, 2000 to Present

Enterprise Value / Target LTM

Date Date Transaction

Announced Effective Target Business Description Acquiror Value Net Sales EBIT EBITDA

2/19/02 4/11/02 Travelocity.com Inc. (Sabre Hlg) Pvd online travel
agency svcs Sabre Holdings Corp. $ 447.2 4.8x NM 33.7x

2/4/02 3/21/02 Intimate Brands Inc. (Limited) Own,op women’s accessory store Limited Inc. 1,644.7 1.9x 17.9x 14.2x

10/12/01 3/15/02 Liberty Digital
(Liberty Media) Pvd interactive TV
services Liberty Media Corp. 69.1 7.2x 8.2x 5.8x

11/16/01 3/4/02 Ugly Duckling Corp. Own,op used car
dealerships Ernest C
Garcia II 17.0 1.0x NM NM

8/21/01 2/26/02 Spectra Physics, Inc. Mnfr. semiconductors Thermo Electron Corp. 70.9 1.6x NM 57.9x

10/1/01 2/13/02 NCH Corp. Mnfr,whl maintenance
products Investor Group 121.5 0.4x 8.5x 6.1x

9/18/01 1/14/02 Organic, Inc. Dvlp Internet mktng
software Seneca
Investments
LLC 5.8 0.2x NM NM

11/7/01 1/7/02 Aquila, Inc. (UtiliCorp. United) Pvd wholesale energy
assets UtiliCorp. United Inc. 414.2 0.1x 11.4x 8.6x

11/9/01 12/27/01 Thermo Fibergen Inc. Mnfr paper inds
machinery Kadant Inc. 2.7 14.4x NM NM

10/16/01 12/20/01 Fortnum & Mason Plc Luxury department
store operator Wittington Investments Ltd. 8.2 0.6x 13.6x 7.3x

6/6/01 12/13/01 Liberty Financial Cos Inc. Pvd fund mgmt,fin
advisory svcs Liberty Mutual Insurance Co. 536.0 0.4x 2.5x 1.3x

1/16/01 12/1/01 Leslie Fay Co Inc. Manufacture women’s apparel Investor Group 10.5 0.1x 10.5x 9.2x

5/14/01 10/31/01 Agency.com Ltd. Pvd business svcs Seneca
Investments
LLC 53.8 0.4x NM NM

5/23/01 9/28/01 Unigraphics Solutions Inc. Dvlp CAD,CAE,CAM,PDM
software Electronic Data Systems Corp. 208.5 2.5x 20.5x 14.0x

5/30/01 9/6/01 Bacou USA Inc. Manufacture ophthalmic
goods Bacou SA 160.3 1.9x 10.5x 7.9x

12/14/00 8/31/01 NPC International Inc. Own,op fast food
restaurants O Gene
Bicknell 93.6 1.0x 10.6x 6.5x

10/25/00 8/1/01 Uno Restaurant Corp. Retail — Restaurant Management
Group 35.5 0.6x 7.4x 4.2x

8/14/00 7/13/01 BHC Communications Inc. Own and operate TV stations News Corp. Ltd 887.7 4.8x 20.9x 10.0x

4/18/01 5/18/01 ICBT Groupe Designs, manufactures, and markets industrial equipment Terrat
Industrie
Commerce
Investors 1.8 0.3x NM NM

[Additional columns below]
[Continued from above table, first column(s) repeated]

Equity Value/

Date Date LTM Net Announced

Announced Effective Target Business Description Acquiror Income Book Premium % Owned % Acquired

2/19/02 4/11/02 Travelocity.com Inc. (Sabre Hlg) Pvd online travel
agency svcs Sabre Holdings Corp. NM 5.6x 45.8% 65.5% 100.0 %

2/4/02 3/21/02 Intimate Brands Inc. (Limited) Own,op women’s accessory store Limited Inc. 31.1x 14.7x 10.2% 81.8% 100.0 %

10/12/01 3/15/02 Liberty Digital
(Liberty Media) Pvd interactive TV
services Liberty Media Corp. NM 1.9x 10.1% 89.6% 100.0 %

11/16/01 3/4/02 Ugly Duckling Corp. Own,op used car
dealerships Ernest C
Garcia II NM 0.3x 41.8% 60.5% 100.0 %

8/21/01 2/26/02 Spectra Physics, Inc. Mnfr. semiconductors Thermo Electron Corp. NM 2.6x 27.8% 73.4% 100.0 %

10/1/01 2/13/02 NCH Corp. Mnfr,whl maintenance
products Investor Group 12.7x 1.2x 34.0% 54.3% 100.0 %

9/18/01 1/14/02 Organic, Inc. Dvlp Internet mktng
software Seneca
Investments
LLC NM 3.9x 13.8% 80.0% 100.0 %

11/7/01 1/7/02 Aquila, Inc. (UtiliCorp. United) Pvd wholesale energy
assets UtiliCorp. United Inc. 20.8x 3.9x 15.0% 80.0% 100.0 %

11/9/01 12/27/01 Thermo Fibergen Inc. Mnfr paper inds
machinery Kadant Inc. NM 0.4x 7.6% 95.3% 100.0 %

10/16/01 12/20/01 Fortnum & Mason Plc Luxury department
store operator Wittington Investments Ltd. 19.2x NA 84.1% 89.9% 10.1 %

6/6/01 12/13/01 Liberty Financial Cos Inc. Pvd fund mgmt,fin
advisory svcs Liberty Mutual Insurance Co. 16.7x 1.2x 24.8% 65.6% 100.0 %

1/16/01 12/1/01 Leslie Fay Co Inc. Manufacture women’s apparel Investor Group 4.0x 0.5x 73.9% 56.4% 100.0 %

5/14/01 10/31/01 Agency.com Ltd. Pvd business svcs Seneca
Investments
LLC NM 0.7x 63.4% 59.6% 100.0 %

5/23/01 9/28/01 Unigraphics Solutions Inc. Dvlp CAD,CAE,CAM,PDM
software Electronic Data Systems Corp. 173.5x 8.0x 52.9% 78.5% 100.0 %

5/30/01 9/6/01 Bacou USA Inc. Manufacture ophthalmic
goods Bacou SA 16.8x 2.3x 21.8% 67.4% 100.0 %

12/14/00 8/31/01 NPC International Inc. Own,op fast food
restaurants O Gene
Bicknell 14.2x 1.8x 11.3% 60.5% 100.0 %

10/25/00 8/1/01 Uno Restaurant Corp. Retail — Restaurant Management
Group 18.5x 1.3x 30.3% 62.0% 38.0 %

8/14/00 7/13/01 BHC Communications Inc. Own and operate TV stations News Corp. Ltd 53.5x 2.2x 16.4% 76.1% 100.0 %

4/18/01 5/18/01 ICBT Groupe Designs, manufactures, and markets industrial equipment Terrat
Industrie
Commerce
Investors NM NA 3.3% 96.2% 3.8 %

Page 23

Table of Contents

Project Alps
Comparable Transaction Analysis
Acquirors with Preexisiting Ownership Greater Than 50%
January 1, 2000 to Present

Enterprise Value / Target LTM

Date Date Business Transaction Net

Announced Effective Target Description Acquiror Value Sales EBIT EBITDA

12/20/00 4/12/01 Vitaminshoppe.com Inc. Operate online
health source Vitamin Shoppe Industries Inc. $ 7.3 0.4x NM NM

10/27/00 3/16/01 Azurix Corp. (Enron Corp.) Pvd water services Enron Corp. 330.1 3.7x 19.2x 10.4x

9/21/00 3/9/01 Hertz Corp. (Ford Motor Co.) Pvd auto,truck
rental services Ford Motor Co. 734.0 2.0x 18.2x 14.0x

7/3/00 2/21/01 Brocacef Holding NV Manufactures and markets pharmaceuticals and health care products Phoenix Pharmahandel AG & Co. 47.7 0.2x 7.6x 5.1x

8/15/00 2/21/01 Infinity Broadcasting Corp. Own,op radio
broadcasting stns Viacom, Inc. 13,649.0 11.3x 40.7x 25.1x

11/8/00 1/17/01 Holt’s Cigar Holdings, Inc. Distributor of premium cigars HCH Acquisition Corp. 9.5 0.3x 2.1x 1.9x

9/1/00 12/18/00 Minolta-QMS Inc. (Minolta Co) Manufacture print
systems Minolta
Investments Co 34.6 0.7x NM NM

7/20/00 11/17/00 JLK Direct Distribution Inc. Wholesale indl
machinery Kennametal Inc. 36.5 0.4x 7.3x 5.5x

9/8/00 10/11/00 Dawsongroup Plc Transport services
company Dawsoninvest Ltd. 22.3 2.9x 10.9x 4.6x

8/28/00 10/5/00 800-Jr Cigar, Inc. Retailer of premium cigars L&LR, Inc. 33.3 0.3x 22.0x 4.7x

11/16/99 9/22/00 Thermo TerraTech Inc. (Thermo) Mnfr metal
processing systems Thermo Electron Corp. 80.7 1.1x NM NM

3/17/00 9/15/00 Vastar Resources Inc. Oil and gas exploration,prodn BP Amoco PLC 1,575.7 7.2x 28.6x 12.2x

7/9/00 9/14/00 Life Technologies, Inc. (Dexter) Biological,
medical products Invitrogen Corp. 401.7 3.6x 26.2x 20.5x

7/27/00 9/13/00 Brookdale Living
Communities Pvd residential
care services Investor Group 149.3 3.6x 23.0x 16.9x

12/21/99 9/7/00 CyBear Inc. (Andryx Corp.) Internet Service
Provider{ISP} Andrx Corp. NA NA NM NM

12/15/99 8/15/00 ThermoLase Corp. (ThermoTrex) Mnfr personal care
products Thermo Electron Corp. 36.4 6.0x NM NM

12/17/99 8/15/00 ThermoTrex Corp. Pvd electromedical
services Thermo Electron Corp. 36.9 1.0x NM NM

6/23/00 8/1/00 Lumination Plc Imports, distributes, and manufactures a variety of light fitting products Steeple Plc 17.3 0.8x 15.4x 9.3x

[Additional columns below]
[Continued from above table, first column(s) repeated]

Equity Value/LTM

Date Date Business Net Announced

Announced Effective Target Description Acquiror Income Book Premium % Owned % Acquired

12/20/00 4/12/01 Vitaminshoppe.com Inc. Operate online
health source Vitamin Shoppe Industries Inc. NM 1.7x 220.0% 64.0% 100.0 %

10/27/00 3/16/01 Azurix Corp. (Enron Corp.) Pvd water services Enron Corp. NM 0.5x 135.1% 64.9% 100.0 %

9/21/00 3/9/01 Hertz Corp. (Ford Motor Co.) Pvd auto,truck
rental services Ford Motor Co. 10.7x 1.9x 46.4% 81.0% 100.0 %

7/3/00 2/21/01 Brocacef Holding NV Manufactures and markets pharmaceuticals and health care products Phoenix Pharmahandel AG & Co. 8.8x NA 28.6% 50.6% 49.4 %

8/15/00 2/21/01 Infinity Broadcasting Corp. Own,op radio
broadcasting stns Viacom, Inc. 91.5x 2.3x -6.7% 62.4% 100.0 %

11/8/00 1/17/01 Holt’s Cigar Holdings, Inc. Distributor of premium cigars HCH Acquisition Corp. 6.3x 1.1x 56.8% 74.0% 26.0 %

9/1/00 12/18/00 Minolta-QMS Inc. (Minolta Co) Manufacture print
systems Minolta
Investments Co NM 6.1x 100.0% 55.8% 100.0 %

7/20/00 11/17/00 JLK Direct Distribution Inc. Wholesale indl
machinery Kennametal Inc. 12.4x 0.9x 48.9% 83.0% 100.0 %

9/8/00 10/11/00 Dawsongroup Plc Transport services
company Dawsoninvest Ltd. 8.3x NA 21.1% 72.5% 27.5 %

8/28/00 10/5/00 800-Jr Cigar, Inc. Retailer of premium cigars L&LR, Inc. 9.7x NA 26.2% 78.4% 21.6 %

11/16/99 9/22/00 Thermo TerraTech Inc. (Thermo) Mnfr metal
processing systems Thermo Electron Corp. NM 4.5x -15.8% 53.7% 100.0 %

3/17/00 9/15/00 Vastar Resources Inc. Oil and gas exploration,prodn BP Amoco PLC 30.3x 9.2x 16.2% 80.1% 100.0 %

7/9/00 9/14/00 Life Technologies, Inc. (Dexter) Biological,
medical products Invitrogen Corp. 38.8x 4.8x 22.5% 72.1% 100.0 %

7/27/00 9/13/00 Brookdale Living
Communities Pvd residential
care services Investor Group 15.5x 1.8x 1.7% 79.5% 100.0 %

12/21/99 9/7/00 CyBear Inc. (Andryx Corp.) Internet Service
Provider{ISP} Andrx Corp. NM 3.1x NA 73.0% 100.0 %

12/15/99 8/15/00 ThermoLase Corp. (ThermoTrex) Mnfr personal care
products Thermo Electron Corp. NM NM 15.0% 68.9% 100.0 %

12/17/99 8/15/00 ThermoTrex Corp. Pvd electromedical
services Thermo Electron Corp. NM 2.9x -5.7% 80.0% 100.0 %

6/23/00 8/1/00 Lumination Plc Imports, distributes, and manufactures a variety of light fitting products Steeple Plc 10.6x NA 11.4% 57.3% 42.7 %

Page 24

Table of Contents

Project Alps
Comparable Transaction Analysis
Acquirors with Preexisiting Ownership Greater Than 50%
January 1, 2000 to Present

Enterprise Value / Target LTM

Date Date Business Transaction Net

Announced Effective Target Description Acquiror Value Sales EBIT EBITDA

4/24/00 7/18/00 Cherry Corp. Produces switches, sensors, controls, and keyboards Management
Group $ 130.7 0.9x 32.2x 9.0x

11/22/99 7/18/00 ERC Industries Inc. (John Wood) Manufacture oil
field equip John Wood
Group PLC 5.1 0.9x NM NM

5/19/00 7/10/00 Virax Designs, manufactures, and markets pipe handling tools Coficom 2.8 0.4x 4.9x NA

1/31/00 6/30/00 Thermedics (Thermo
Electron) Mnfr biomedical
systems Thermo Electron Corp. 169.2 2.0x NM 145.1x

2/2/00 6/30/00 Thermo Instrument Systems, Inc. Mnfr monitoring
devices Thermo Electron Corp. 831.7 1.9x 17.9x 13.2x

9/8/99 6/29/00 Sunrise
International
Leasing Provides leasing
options The King Management Corp. 17.5 1.7x NA NA

6/28/00 6/28/00 New Paraho Corp. Oil,gas
exploration,prodn Shale
Technologies
LLC 0.9 NA NM NM

3/14/00 6/20/00 Howmet International, Inc. Mnfr investment
engine parts Alcoa Inc. 349.3 1.5x 10.6x 7.9x

12/8/99 6/19/00 Robertson-Ceco Corp. Mnfr metal building
products Heico
Companies LLC 57.0 0.6x 5.1x 4.4x

3/15/00 6/15/00 Goodhead Group Plc Printing and marketing services Management
Group 19.1 0.6x 9.8x 4.6x

7/21/99 6/14/00 National
Transaction Network Electronic payment
sys svcs IVI Checkmate Corp. 0.2 1.2x NM NM

3/23/00 6/8/00 Homestead Village, Inc. Own and op lodging properties Security Capital Group, Inc. 156.8 4.3x 16.2x 9.6x

10/20/99 6/6/00 Thermoretec Corp. Mnfr processed
metals Thermo Electron Corp. 56.9 1.1x NM 34.2x

10/20/99 5/16/00 Randers Killam Gr Construct
nonresidential bldgs Thermo Electron Corp. 6.7 1.5x NM NM

1/31/00 5/12/00 Thermo Optek Corp. Mnfr spectroscopy
instruments Thermo Instrument Systems Inc. 51.8 1.8x 12.2x 9.9x

1/31/00 5/3/00 Metrika Systems Corp. Mnfr measurement
technologies Thermo Instrument Systems, Inc. 14.2 1.1x 12.7x 9.0x

[Additional columns below]
[Continued from above table, first column(s) repeated]

Equity Value/

Date Date Business LTM Net Announced

Announced Effective Target Description Acquiror Income Book Premium % Owned % Acquired

4/24/00 7/18/00 Cherry Corp. Produces switches, sensors, controls, and keyboards Management
Group 19.3x 1.0x 83.3% 52.0% 48.0 %

11/22/99 7/18/00 ERC Industries Inc. (John Wood) Manufacture oil
field equip John Wood
Group PLC NM 1.6x NA 89.0% 100.0 %

5/19/00 7/10/00 Virax Designs, manufactures, and markets pipe handling tools Coficom 7.0x NA 94.5% 88.4% 11.6 %

1/31/00 6/30/00 Thermedics (Thermo
Electron) Mnfr biomedical
systems Thermo Electron Corp. NM 3.1x 76.3% 65.5% 100.0 %

2/2/00 6/30/00 Thermo Instrument Systems, Inc. Mnfr monitoring
devices Thermo Electron Corp. 30.0x 3.4x 27.0% 69.8% 100.0 %

9/8/99 6/29/00 Sunrise
International
Leasing Provides leasing
options The King Management Corp. 8.8x NA 24.5% 57.0% 43.0 %

6/28/00 6/28/00 New Paraho Corp. Oil,gas
exploration,prodn Shale
Technologies
LLC NM 0.0x NA 82.3% 100.0 %

3/14/00 6/20/00 Howmet International, Inc. Mnfr investment
engine parts Alcoa Inc. 16.1x 4.0x 13.5% 81.1% 100.0 %

12/8/99 6/19/00 Robertson-Ceco Corp. Mnfr metal building
products Heico
Companies LLC 8.1x 1.8x 46.0% 69.2% 100.0 %

3/15/00 6/15/00 Goodhead Group Plc Printing and marketing services Management
Group 2.8x NA 7.8% 66.6% 34.4 %

7/21/99 6/14/00 National
Transaction Network Electronic payment
sys svcs IVI Checkmate Corp. NM -0.5x NA 78.6% 100.0 %

3/23/00 6/8/00 Homestead Village, Inc. Own and op lodging properties Security Capital Group, Inc. NM 0.8x 49.1% 72.3% 100.0 %

10/20/99 6/6/00 Thermoretec Corp. Mnfr processed
metals Thermo Electron Corp. NM 1.5x 27.3% 55.4% 100.0 %

10/20/99 5/16/00 Randers Killam Gr Construct
nonresidential bldgs Thermo Electron Corp. NM 1.6x 12.5% 91.2% 100.0 %

1/31/00 5/12/00 Thermo Optek Corp. Mnfr spectroscopy
instruments Thermo Instrument Systems Inc. 20.5x 2.2x 6.7% 90.0% 100.0 %

1/31/00 5/3/00 Metrika Systems Corp. Mnfr measurement
technologies Thermo Instrument Systems, Inc. 16.3x 2.0x -6.5% 78.3% 100.0 %

Page 25

Table of Contents

Project Alps
Comparable Transaction Analysis
Acquirors with Preexisiting Ownership Greater Than 50%
January 1, 2000 to Present

Enterprise Value / Target LTM

Date Date Business Transaction Net

Announced Effective Target Description Acquiror Value Sales EBIT EBITDA

1/31/00 4/20/00 Thermo BioAnalysis
(Thermo) Mnfr,whl lab
instruments Thermo Instrument Systems, Inc. $ 167.9 2.4x 23.3x 15.7x

12/1/99 4/19/00 Boise Cascade
Office Products Whl
stationary,office
supplies Boise Cascade Corp. 205.3 0.4x 9.6x 7.1x

1/19/00 4/19/00 Conning Corp. Pvd asset
mgmt,research svcs Metropolitan Life
Insurance Co 74.3 1.0x 4.1x 3.6x

1/31/00 4/13/00 ONIX Systems, Inc. Mnfr process
control device Thermo Instrument Systems Inc. 23.1 0.9x 23.2x 13.0x

1/31/00 4/12/00 Thermedics Detection Inc. Mnfr process
control systems Thermedics(Thermo
Electron) 17.0 1.9x 24.9x 15.9x

1/31/00 4/4/00 Thermo Sentron Inc.(Thermedics) Mnfr packaging
machinery Thermedics(Thermo
Electron) 30.7 1.4x 14.6x 10.9x

7/13/99 1/7/00 Thermo
Vision(Thermo Inst) Mnfr medical
monitoring equip Thermo Instrument Systems Inc. 11.9 1.5x 102.6x 26.8x

[Additional columns below]
[Continued from above table, first column(s) repeated]

Equity Value/

Date Date Business LTM Net Announced

Announced Effective Target Description Acquiror Income Book Premium % Owned % Acquired

1/31/00 4/20/00 Thermo BioAnalysis
(Thermo) Mnfr,whl lab
instruments Thermo Instrument Systems, Inc. 35.2x 1.0x 51.4% 70.1% 100.0 %

12/1/99 4/19/00 Boise Cascade
Office Products Whl
stationary,office
supplies Boise Cascade Corp. 14.5x 1.7x 43.5% 80.5% 100.0 %

1/19/00 4/19/00 Conning Corp. Pvd asset
mgmt,research svcs Metropolitan Life
Insurance Co 13.4x 1.8x 15.6% 56.6% 100.0 %

1/31/00 4/13/00 ONIX Systems, Inc. Mnfr process
control device Thermo Instrument Systems Inc. 29.4x 0.9x 2.9% 81.2% 100.0 %

1/31/00 4/12/00 Thermedics Detection Inc. Mnfr process
control systems Thermedics(Thermo
Electron) 30.6x 1.3x 0.8% 88.2% 100.0 %

1/31/00 4/4/00 Thermo Sentron Inc.(Thermedics) Mnfr packaging
machinery Thermedics(Thermo
Electron) 24.6x 1.6x 7.4% 80.5% 100.0 %

7/13/99 1/7/00 Thermo
Vision(Thermo Inst) Mnfr medical
monitoring equip Thermo Instrument Systems Inc. 260.2x 1.8x 75.0% 77.5% 100.0 %

Equity Value /

Enterprise Value / Target LTM

LTM Announced

Net Sales
EBIT
EBITDA
Net Income
Book
Premium
% Owned
% Acquired

Mean
2.1x 17.2x 15.3x 30.5x 2.5x 35.1 % 72.8 % 85.9 %

Median
1.1x 13.1x 9.3x 16.5x 1.8x 24.7 % 73.2 % 100.0 %

High
14.4x 102.6x 145.1x 260.2x 14.7x 220.0 % 96.2 % 100.0 %

Low
0.1x 2.1x 1.3x 2.8x -0.5x -15.8 % 50.6 % 3.8 %

Ranger Multiples at an Implied Stock Price of $9.00

0.7x
NM 31.5x NM 1.0x 44.4 %

Page 26

Table of Contents

Project Alps
Comparable Transaction Analysis
Selected Brand and Apparel Retailers
January 1, 1997 to Present

Enterprise Value / Target LTM

Date Date Business Transaction Net

Announced Effective Target Description Acquiror Value Sales EBIT EBITDA

1/18/02 Pending Bendon Group Ltd. Manufacturers and distributes intimate apparel, women’s lingerie, and men’s underwear Pacific Retail Group Ltd. $ 25.6 0.39x 6.30x 4.35x

2/4/02 3/22/02 Intimate Brands, Inc. Markets women’s lingiere and body lotions Limited, Inc. 1,549.5 1.93x 17.89x 14.20x

12/18/00 11/28/01 Donna Karan International, Inc. Designer of women’s and men’s clothing, shoes and accessories LVMH Moet
Hennessy
Louis
Vuitton SA 233.1 0.35x 11.31x 6.30x

4/25/01 11/15/01 Specialty Catalog Corp. Direct marketer targeting niche consumer product categories through a variety of catalogs Specialty Acquisition Corp. 21.8 0.55x NM NM

5/15/01 8/17/01 Time
Products Plc Distributes and retails branded watches, watchstraps and associated products Almar Plc 74.6 1.00x 7.51x 6.62x

4/6/01 8/17/01 Rebel Sport Ltd. Marketer of retail sporting goods Harvey Norman Holdings Ltd. 58.2 0.48x 15.40x 7.15x

4/25/01 6/22/01 OroAmerica, Inc. Manufacturer and distributor of fine karat gold jewelry to retail jewelers, jewelry chain stores, discount stores, department stores and television shopping networks Aurafin LLC 49.2 0.31x 6.55x 4.29x

9/25/00 6/11/01 Bucherer AG Retailer of jewelry Private
Investors 28.9 0.58x 6.80x NM

2/22/01 6/8/01 Oshman’s Sporting Goods Sporting good retailer Gart Sports Co. 114.2 0.36x 11.85x 7.33x

2/22/01 4/5/01 Sunglass HUT International, Inc. Marketer and distributer of eyewear Shade Acquisition Corp. 669.2 1.0x 13.3x 8.3x

[Additional columns below]
[Continued from above table, first column(s) repeated]

Equity Value /

Date Date Business LTM Net Announced

Announced Effective Target Description Acquiror Income Book Premium % Owned % Acquired

1/18/02 Pending Bendon Group Ltd. Manufacturers and distributes intimate apparel, women’s lingerie, and men’s underwear Pacific Retail Group Ltd. 1.31x 0.58x 7.1% 16.0% 84.0 %

2/4/02 3/22/02 Intimate Brands, Inc. Markets women’s lingiere and body lotions Limited, Inc. 31.08x 14.70x 10.2% 84.0% 16.0 %

12/18/00 11/28/01 Donna Karan International, Inc. Designer of women’s and men’s clothing, shoes and accessories LVMH Moet
Hennessy
Louis
Vuitton SA 17.77x 1.50x 114.9% — 100.0 %

4/25/01 11/15/01 Specialty Catalog Corp. Direct marketer targeting niche consumer product categories through a variety of catalogs Specialty Acquisition Corp. 19.91x 1.80x 53.3% 29.0% 71.0 %

5/15/01 8/17/01 Time
Products Plc Distributes and retails branded watches, watchstraps and associated products Almar Plc 10.12x 0.68x 11.1% — 100.0 %

4/6/01 8/17/01 Rebel Sport Ltd. Marketer of retail sporting goods Harvey Norman Holdings Ltd. NM 3.96x 21.4% — 55.3 %

4/25/01 6/22/01 OroAmerica, Inc. Manufacturer and distributor of fine karat gold jewelry to retail jewelers, jewelry chain stores, discount stores, department stores and television shopping networks Aurafin LLC 15.78x 0.68x 51.0% — 100.0 %

9/25/00 6/11/01 Bucherer AG Retailer of jewlery Private
Investors 8.05x 0.61x 28.0% 92.3% 7.7 %

2/22/01 6/8/01 Oshman’s Sporting Goods Sporting good retailer Gart Sports Co. 7.54x 0.60x 43.2% — 100.0 %

2/22/01 4/5/01 Sunglass HUT International, Inc. Marketer and distributer of eyewear Shade Acquisition Corp. 29.6x 11.5x 42.6% — 100.0 %

Page 27

Table of Contents

Project Alps
Comparable Transaction Analysis
Selected Brand and Apparel Retailers
January 1, 1997 to Present

Enterprise Value / Target LTM

Date Date Business Transaction Net

Announced Effective Target Description Acquiror Value Sales EBIT EBITDA

8/11/00 10/2/00 Piercing
Pagoda Specialty retailer of gold jewelry Zale
Corporation $ 268.4 1.0x 184.3x 7.7x

6/30/00 8/29/00 Shani Group
Plc Clothing manufacturing Goodvibes Ltd. 10.4 0.3x 15.9x 9.4x

12/28/99 5/11/00 Jostens, Inc. Leading marketer of commemorative school products and services. Investcorp
Bank 917.1 1.3x NA 7.8x

3/28/98 1/7/00 The Coleman Company, Inc. Manufactures and distributes a wide range of outdoor products for camping and leisure-time activities Sunbeam
Corporation 1,919.2 1.7x 52.8x 25.8x

10/11/99 12/17/99 Authentic Fitness Corp. Marketer, distributor and retailer of bathing suits, swimming accessories and other activewear Warnaco Group, Inc. 536.3 1.3x NM 7.2x

9/13/99 11/5/99 TAG Heuer
International
SA Designer, producer and marketer of prestigious Seiss sports watches and chronographs LVMH Moet
Hennessy
Louis
Vuitton SA 1,251.7 2.9x 17.4x 16.1x

5/4/98 6/10/98 Farah, Inc. Manufacturers and markets apparel primarily for men and boys, as well as for women Tropical Sportswear International Corp. 92.9 0.4x 53.5x 7.0x

[Additional columns below]
[Continued from above table, first column(s) repeated]

Equity Value /

Date Date Business LTM Net Announced

Announced Effective Target Description Acquiror Income Book Premium % Owned % Acquired

8/11/00 10/2/00 Piercing
Pagoda Specialty retailer of gold jewelry Zale
Corporation 19.4x 2.3x 46.0% — 100.0 %

6/30/00 8/29/00 Shani Group
Plc Clothing manufacturing Goodvibes Ltd. 11.5x 0.6x 41.2% — 100.0 %

12/28/99 5/11/00 Jostens, Inc. Leading marketer of commemorative school products and services. Investcorp
Bank 23.8x 19.7x 38.4% — 94.0 %

3/28/98 1/7/00 The Coleman Company, Inc. Manufactures and distributes a wide range of outdoor products for camping and leisure-time activities Sunbeam
Corporation NM 8.0x 67.4% — 100.0 %

10/11/99 12/17/99 Authentic Fitness Corp. Marketer, distributor and retailer of bathing suits, swimming accessories and other activewear Warnaco Group, Inc. 20.0x 3.2x 19.7% — 100.0 %

9/13/99 11/5/99 TAG Heuer
International
SA Designer, producer and marketer of prestigious Seiss sports watches and chronographs LVMH Moet
Hennessy
Louis
Vuitton SA 24.5x 29.8x 29.9% — 94.9 %

5/4/98 6/10/98 Farah, Inc. Manufacturers and markets apparel primarily for men and boys, as well as for women Tropical Sportswear International Corp. NM 1.2x 38.8% — 95.0 %

Equity Value /

Transaction Enterprise Value / Target LTM LTM Announced

Value Net Sales EBIT EBITDA Net Income Book Premium % Owned % Acquired

Mean
0.9x 30.1x 9.3x 17.2x 6.0x 39.1 % 55.3 % 83.4 %

Median
0.6x 14.4x 7.3x 18.6x 1.8x 38.8 % 56.5 % 100.0 %

High
2.9x 184.3x 25.8x 31.1x 29.8x 114.9 % 92.3 % 100.0 %

Low
0.3x 6.3x 4.3x 1.3x 0.6x 7.1 % 16.0 % 7.7 %

Ranger Multiples at an Implied Stock Price of $9.00

0.7x NM 31.5x NM 1.0x 44.4%

Page 28

Table of Contents

Ranger Historical Stock Price Performance

Table of Contents

Ranger Historical Stock Price Performance

Table of Contents

Ranger Historical Stock Price Performance

Table of Contents

Ranger Historical Stock Price Performance

Table of Contents

Ranger Historical Stock Price Performance

Table of Contents

Ranger Historical Stock Price Performance

Table of Contents

Ranger Historical Stock Price Performance

Table of Contents

Discounted Cash Flow Analysis

Table of Contents

Project Alps
Ranger Terminal Value Schedule
($ in thousands)

Fiscal Year Ending December 31, 2004

Sales COGS Gross Profit S,G&A D&A EBITDA

*

Total
189,900 (105,014 ) 84,886 (53,617 ) (2,033 ) 14,732

*

Total
100.0% 100.0% 100.0% -100.0% -100.0% 100.00

Weighted Average Cost of Capital (WACC) and Discount Assumptions

Cost of Equity Cost of Debt

K_e= CAPM = R_f + B(R_m-R_f)
K_d = Weighted Average Debt Yield

R_f = 10 - Year Bond =
5.03 % K_d = 7.00 %

B=
0.84 Equity Value = $ 51,554

R_m - R_f
8.00 %

K_e=
11.75 % Debt Value = $ 7,982

WACC = K_e * (Equity Value / Total Value) + K_d * (Debt Value / Total Value)*(1-T)

WACC =
10.78 % Years Discounted = 2.5

*

Full Terminal Value

Discount Rate

10.0% 12.0% 15.0%

$ 74,295 $ 71,022 $ 66,480

$ 85,903 $ 82,119 $ 76,868

$ 97,511 $ 93,216 $ 87,255

* This material has been omitted pursuant to a request for confidential treatment and has been filed separately with the Securities and Exchange Commission.

Page 37

Table of Contents

Project Alps
Ranger Free Cash Flow Schedule
($ in thousands)

Fiscal Year Ending December 31,

Projected

2002E 2003E 2004E 2005E 2006E

EBIT
$ 3,405 $ 8,118 $ 12,699 $ 18,200 $ 21,972

Less: Income Taxes
(1,294 ) (3,328 ) (5,245 ) (7,553 ) (9,140 )

Effective Tax Rate
38.0 % 41.0 % 41.3 % 41.5 % 41.6 %

After-Tax EBIT
2,111 4,790 7,454 10,647 12,832

Plus: Depreciation & Amortization
3,035 2,477 2,033 2,007 1,947

Less: Capital Expenditures
(2,276 ) (2,171 ) (2,048 ) (2,034 ) (2,034 )

Less: Insurance Payments
(1,401 ) (1,376 ) (1,297 ) (1,259 ) (1,181 )

Less: Working Capital Requirements
1,154 (3,372 ) (2,030 ) (3,458 ) (947 )

Free Cash Flow
$ 2,623 $ 348 $ 4,112 $ 5,903 $ 10,617

Page 38

Table of Contents

Project Alps
Ranger Discounted Cash Flow Analysis
($ in thousands)

Discount Rate

10.0% 12.0% 15.0%

A
Present Value of Free Cash Flows $ 16,386 $ 15,322 $ 13,901

Discount Rate

10.0% 12.0% 15.0%

B
Present Value of Terminal Value $ 74,295 $ 71,022 $ 66,480

Based on EBITDA Multiples $ 85,903 $ 82,119 $ 76,868

$ 97,511 $ 93,216 $ 87,255

Discount Rate

10.0% 12.0% 15.0%

C = A + B
Enterprise Value
$ 90,680 $ 87,408 $ 82,866

Based on EBITDA Multiples
$ 102,289 $ 98,505 $ 93,254

$ 113,897 $ 109,602 $ 103,641

D
Less : Net Debt⁽¹⁾
$ (7,574 ) $ (7,574 ) $ (7,574 )

Discount Rate

10.0% 12.0% 15.0%

E = C + D
Equity Value
$ 83,106 $ 79,834 $ 75,292

Based on EBITDA Multiples
$ 94,715 $ 90,931 $ 85,680

$ 106,323 $ 102,028 $ 96,067

F
Current Shares Outstanding
8,274 8,274 8,274

Discount Rate

10.0% 12.0% 15.0%

G = E / F
Implied Stock Price
$ 10.04 $ 9.65 $ 9.10

$ 11.45 $ 10.99 $ 10.36

$ 12.85 $ 12.33 $ 11.61

Diluted Shares Outstanding⁽²⁾
8,538 8,513 8,473

(based on implied stock price)
8,646 8,603 8,557

8,776 8,723 8,661

Discount Rate

10.0% 12.0% 15.0%

Diluted Implied Stock Price
$ 9.73 $ 9.38 $ 8.89

$ 10.95 $ 10.57 $ 10.01

$ 12.12 $ 11.70 $ 11.09

Notes:

(1) As of March 31, 2002 Ranger has $1,187,000 in cash and $7,979,226 in debt.

(2) Based on options vesting schedule as of March 29, 2002 and the Treasury Stock Method.

Page 39

Table of Contents

Project Alps
Xantia Free Cash Flow Schedule
($ in thousands)

Fiscal Year Ending December 31,

Projected

2002E 2003E 2004E 2005E 2006E

EBIT
$ 1,843 $ 2,278 $ 2,694 $ 3,282 $ 3,614

Less: Income Taxes
(461 ) (569 ) (673 ) (820 ) (903 )

Effective Tax Rate
25.0 % 25.0 % 25.0 % 25.0 % 25.0 %

After-Tax EBIT
1,382 1,709 2,021 2,462 2,711

Plus: Depreciation & Amortization
300 300 300 300 300

Less: Capital Expenditures⁽¹⁾
(497 ) (464 ) (447 ) (463 ) (465 )

Less: Working Capital Requirements⁽¹⁾
252 (720 ) (443 ) (787 ) (216 )

Free Cash Flow
$ 1,438 $ 825 $ 1,431 $ 1,512 $ 2,330

Note:

(1) Calculated using a constant percentage of Ranger’s revenue in the respective fiscal year.

Page 40

Table of Contents

Project Alps
Xantia Discounted Cash Flow Analysis
($ in thousands)

Discount Rate

10.0% 12.0% 15.0%

A
Present Value of Free Cash Flows $ 5,544 $ 5,243 $ 4,838

Discount Rate

10.0% 12.0% 15.0%

B
Present Value of Terminal Value 7.0x $ 16,515 $ 15,787 $ 14,778

Based on EBITDA Multiples 8.0x $ 18,874 $ 18,043 $ 16,889

9.0x $ 21,233 $ 20,298 $ 19,000

Discount Rate

10.0% 12.0% 15.0%

C = A + B
Enterprise Value
7.0x $ 22,058 $ 21,030 $ 19,616

Based on EBITDA Multiples
8.0x $ 24,417 $ 23,286 $ 21,727

9.0x $ 26,777 $ 25,541 $ 23,838

D
Plus : Cash ⁽¹⁾
$ 1,000 $ 1,000 $ 1,000

Discount Rate

10.0% 12.0% 15.0%

E = C + D
Equity Value
$ 23,058 $ 22,030 $ 20,616

Based on EBITDA Multiples
$ 25,417 $ 24,286 $ 22,727

$ 27,777 $ 26,541 $ 24,838

Note:

(1) Assumes Xantia has $1,000,000 in cash and no debt.

Page 41

Table of Contents

Project Alps
VSA Free Cash Flow Schedule
($ in thousands)

Fiscal Year Ending December 31,

Projected

2002E 2003E 2004E 2005E 2006E

EBIT
$ (552 ) $ 200 $ 860 $ 1,476 $ 2,464

Less: Income Taxes
— — — — —

Effective Tax Rate
0.0 % 0.0 % 0.0 % 0.0 % 0.0 %

After-Tax EBIT
(552 ) 200 860 1,476 2,464

Plus: Depreciation & Amortization
221 210 194 207 226

Less: Capital Expenditures⁽¹⁾
(166 ) (184 ) (196 ) (210 ) (236 )

Less: Working Capital Requirements⁽¹⁾
84 (286 ) (194 ) (357 ) (110 )

Free Cash Flow
$ (413) $ (60 ) $ 665 $ 1,117 $ 2,344

Note:

(1) Calculated using a constant percentage of Ranger’s revenue in the respective fiscal year.

Page 42

Table of Contents

Project Alps
VSA Discounted Cash Flow Analysis
($ in thousands)

Discount Rate

10.0% 12.0% 15.0%

A
Present Value of Free Cash Flows $ 2,293 $ 2,096 $ 1,836

Discount Rate

10.0% 12.0% 15.0%

B
Present Value of Terminal Value 7.0x $ 5,815 $ 5,559 $ 5,203

Based on EBITDA Multiples 8.0x $ 6,646 $ 6,353 $ 5,947

9.0x $ 7,477 $ 7,147 $ 6,690

Discount Rate

10.0% 12.0% 15.0%

C = A + B
Enterprise Value
7.0x $ 8,108 $ 7,655 $ 7,040

Based on EBITDA Multiples
8.0x $ 8,938 $ 8,449 $ 7,783

9.0x $ 9,769 $ 9,244 $ 8,527

D
Less : Net Debt
$ — $ — $ —

Discount Rate

10.0% 12.0% 15.0%

E = C + D
Equity Value
$ 8,108 $ 7,655 $ 7,040

Based on EBITDA Multiples
$ 8,938 $ 8,449 $ 7,783

$ 9,769 $ 9,244 $ 8,527

Page 43

Table of Contents

Appendices

Table of Contents

Projected Financial Schedules of Ranger

Table of Contents

Project Alps
Historical and Projected Consolidated Income Statement ⁽¹⁾
($ in thousands)

Fiscal Year Ending December 31, Fiscal Year Ending December 31,

Historical Projected

1998A 1999A 2000A 2001A 2002E⁽²⁾ 2003E⁽²⁾ 2004E⁽²⁾ 2005E⁽²⁾ 2006E⁽²⁾

Total Revenue:

*

Total Revenue
$ 127,851 $ 129,452 $ 131,752 $ 114,629 $ 123,769 $ 141,400 $ 157,000 $ 124,600 $ 184,900

Cost of Sales:

*

Cost of Sales
(77,869 ) (78,606 ) (81,046 ) (68,335 ) (70,360 ) (80,693 ) 88,651 93,261 105,014

Gross Profit:

*

Gross Profit
49,982 50,846 50,706 46,314 53,409 60,707 68,349 77,339 84,886

Selling, General & Administrative
(46,211 ) (43,075 ) (43,963 ) (46,090 ) (46,969 ) (50,112 ) (53,617 ) (57,132 ) (60,967 )

Depreciation & Amortization
(2,794 ) (3,230 ) (3,504 ) (3,964 ) (3,035 ) (2,477 ) (2,033 ) (2,007 ) (1,947 )

Total Operating Expenses
(49,005 ) (46,305 ) (47,467 ) (50,054 ) (50,004 ) (52,589 ) (55,650 ) (59,139 ) (62,914 )

EBIT
977 4,541 3,239 (3,740 ) 3,405 8,118 12,699 18,200 21,972

Interest and Other Income (Expense)
1,706 (2,273 ) 1,734 1,477 97 84 85 202 436

Interest Expense
— (617 ) (1,430 ) (973 ) (537 ) (449 ) (285 ) (137 ) (97 )

Pre-Tax Income
2,683 1,651 3,543 (3,236 ) 2,965 7,753 12,499 18,265 22,310

Income Tax Benefit (Provision)
(1,220 ) (1,531 ) (1,579 ) 344 (1,127 ) (3,101 ) (4,999 ) (7,306 ) (8,924 )

Minority Interest⁽³⁾
— — 49 (260 ) (431 ) (970 ) (1,456 ) (1,985 ) (2,603 )

Net Income
$ 1,463 $ 120 $ 2,013 $ (3,152 ) $ 1,407 $ 3,682 $ 6,043 $ 8,975 $ 10,783

Diluted EPS
$ 0.18 $ 0.01 $ 0.25 $ (0.39 ) $ 0.17 $ 0.44 $ 0.71 $ 1.03 $ 1.21

Weighted Average Diluted Shares Outstanding
8,138 8,022 8,187 8,139 8,220 8,385 8,552 8,724 8,898

EBIT
$ 977 $ 4,541 $ 3,239 $ (3,740 ) $ 3,405 $ 8,118 $ 12,699 $ 18,200 $ 21,972

Add back Depreciation & Amortization
2,794 3,230 3,504 3,964 3,035 2,477 2,033 2,007 1,947

EBITDA
$ 3,771 $ 7,771 $ 6,743 $ 224 $ 6,440 $ 10,595 $ 14,732 $ 20,207 $ 23,919

EBITDA without 50% of Xantia owned by Victorinox
$ 5,369 $ 9,306 $ 13,235 $ 18,416 $ 21,962

Notes:

(1) Projections reflect Company internal estimates.

(2) Projections include results from Xantia S.A.

(3) Minority interest includes half of Xantia S.A.’s net income and half of VSA’s net income.

* This material has been omitted pursuant to a request for confidential treatment and has been filed separately with the Securities and Exchange Commission.

Page 46

Table of Contents

Project Alps
Historical and Projected Balance Sheet
($ in thousands)

Fiscal Year Ending December 31, Fiscal Year Ending December 31,

Historical Projected

As of

1998A 1999A 2000A 2001A 3/31/02A 2002E 2003E 2004E 2005E 2006E

ASSETS

Cash & Cash Equivalents
$ 1,309 $ 1,302 $ 5,002 $ 2,639 $ 408 $ 3,815 $ 1,767 $ 3,884 $ 9,596 $ 19,438

Accounts Receivable
31,321 33,718 34,173 29,172 23,712 29,223 33,386 37,069 40,740 42,200

Inventories
28,890 30,227 33,461 34,758 39,079 33,505 35,084 35,460 37,408 38,894

Other current assets
6,658 5,293 5,976 6,540 8,285 6,540 6,540 6,540 6,540 6,540

Total Current Assets
68,178 70,540 78,612 73,109 71,484 73,062 76,777 82,954 94,284 107,072

Property, Plant & Equipment, Net
3,735 4,856 7,506 7,153 6,879 7,517 8,088 8,672 9,288 9,961

Goodwill and Other Intangibles
2,875 11,548 12,595 11,246 11,046 10,123 9,246 8,677 8,088 7,502

Deferred Income Taxes ⁽¹⁾
3,274 1,474 675 896 853 806 726 653 588 529

Investments
9,467 4,476 8,274 3,834 3,834 3,834 3,834 3,834 3,834 3,834

Other Assets ⁽²⁾
12,875 14,710 16,787 17,896 18,499 19,297 20,673 21,970 23,229 24,410

Total Assets
$ 100,404 $ 107,604 $ 124,449 $ 114,134 $ 112,595 $ 114,660 $ 119,344 $ 126,760 $ 139,311 $ 153,308

LIABILITIES & STOCKHOLDERS’ EQUITY

Current Portion of LT Debt ⁽³⁾
$ 5,140 $ 875 $ 1,493 $ 1,264 $ 1,261 $ 2,339 $ 2,112 $ 568 $ 1,389 $ —

Account Payable
12,439 7,732 11,057 14,034 14,200 13,681 15,242 16,745 18,372 19,836

Accrued Liabilities
8,227 10,562 8,452 9,349 8,471 9,654 10,464 10,990 11,524 12,059

Total Current Liabilities
25,806 19,169 21,002 24,647 23,932 25,674 27,818 28,303 31,284 31,895

Long-Term Debt
— 11,362 16,038 6,408 6,721 4,069 1,957 1,389 — —

Other Liabilities
— 693 675 675 675 675 675 675 675 675

Total Liabilities
25,806 31,224 37,715 31,730 31,328 30,418 30,450 30,367 31,959 32,570

Minority Interest
— — 6,050 6,644 6,656 7,075 8,005 9,289 10,978 13,089

Stockholders’ Equity
74,598 76,380 80,684 75,760 74,611 77,167 80,889 87,104 96,374 107,650

Total Liabilities and Stockholders’ Equity
$ 100,404 $ 107,604 $ 124,449 $ 114,134 $ 112,595 $ 114,660 $ 119,344 $ 126,760 $ 139,311 $ 153,308

Notes:

(1) Assumes deferred tax asset is amortized at a rate of 10% annually.

(2) Reflects cash value of insurance policies.

(3) Based on Company’s principal payment of debt schedule.

Page 47

Table of Contents

Project Alps
Historical and Projected Margin Analysis
($ in thousands)

Fiscal Year Ending December 31, Fiscal Year Ending December 31,

Historical Projected

1998A 1999A 2000A 2001A 2002E 2003E 2004E 2005E 2006E

Total Revenue Margin:

*

Total Revenue Growth
— 1.3 % 1.8 % -13.05 % 8.0 % 14.2 % 11.0 % 11.25 % 8.8 %

Cost of Sales:

*

Cost of Sales:
-60.9 % -60.7 % -61.5 % -59.6 % -56.8 % -57.1 % -56.5 % -55.7 % -55.3 %

Gross Profit:

*

Gross Profit
39.1 % 39.3 % 38.5 % 40.4 % 43.2 % 42.9 % 43.5 % 44.3 % 44.7 %

Selling, General & Administrative
-36.1 % -33.3 % -33.4 % -40.2 % -37.9 % -35.4 % -34.2 % -32.7 % -32.1 %

Depreciation & Amortization
-2.2 % -2.5 % -2.7 % -3.5 % -2.5 % -1.8 % -1.3 % -1.1 % -1.0 %

Total Operating Expenses
-38.3 % -35.8 % -36.0 % -43.7 % -40.4 % -37.2 % -35.4 % -33.9 % -33.1 %

EBIT
0.8 % 3.5 % 2.5 % -3.3 % 2.8 % 5.7 % 8.1 % 10.4 % 11.6 %

Interest and Other Income (Expense)
1.3 % -1.8 % 1.3 % 1.3 % 0.1 % 0.1 % 0.1 % 0.1 % 0.2 %

Interest Expense
0.0 % -0.5 % -1.1 % -0.8 % -0.4 % -0.3 % -0.2 % -0.1 % -0.1 %

Pre-Tax Income
2.1 % 1.3 % 2.7 % -2.8 % 2.4 % 5.5 % 8.0 % 10.5 % 11.7 %

Income Tax Rate
-45.5 % -92.7 % -44.6 % -10.6 % -38.0 % -40.0 % -40.0 % -40.0 % -40.0 %

Minority Interest
0.0 % 0.0 % 0.0 % -0.2 % -0.3 % -0.7 % -0.9 % -1.1 % -1.4 %

Net Income
1.1 % 0.1 % 1.5 % -2.7 % 1.1 % 2.6 % 3.8 % 5.1 % 5.7 %

Diluted EPS Growth
— -91.7 % 1543.7 % NM -144.2 % 156.5 % 60.9 % 45.6 % 17.8 %

Weighted Average Diluted Shares Outstanding
— -1.4 % 2.1 % -0.6 % 1.0 % 2.0 % 2.0 % 2.0 % 2.0 %

EBIT
0.8 % 3.5 % 2.5 % -3.3 % 2.8 % 5.7 % 8.1 % 10.4 % 11.6 %

Add back Depreciation & Amortization
2.2 % 2.5 % 2.7 % 3.5 % 2.5 % 1.8 % 1.3 % 1.1 % 1.0 %

EBITDA
2.9 % 6.0 % 5.1 % 0.2 % 5.2 % 7.5 % 9.4 % 11.6 % 12.6 %

EBITDA without 50% of Xantia owned by Victorinox
4.3 % 6.6 % 8.4 % 10.5 % 11.6 %

* This material has been omitted pursuant to a request for confidential treatment and has been filed separately with the Securities and Exchange Commission.

Page 48

Table of Contents

Project Alps
Historical and Projected Cash Flow Statement
($ in thousands)

Fiscal Year Ending December 31, Fiscal Year Ending December 31,

Historical Projected

1998A 1999A 2000A 2001A 2002E 2003E 2004E 2005E 2006E

Cash Flows from Operating Activities:

Net Income
$ 1,463 $ 120 $ 2,013 $ (3,152 ) $ 1,407 $ 3,722 $ 6,215 $ 9,270 $ 11,276

Adjustments to reconcile net income to cash provided from operating activities:

Minority Interest
— — (49 ) 260 431 930 1,284 1,689 2,110

Depreciation
2,794 3,230 3,504 3,964 1,912 1,600 1,464 1,418 1,361

Amortization
1,123 877 569 589 586

Stock Compensation Expense
21 73 58 32 — — — — —

Deferred Income Taxes
2,652 (435 ) 543 (451 ) 90 81 73 65 59

Investment (gain) loss, net
(1,651 ) 2,280 (1,508 ) (1,477 ) — — — — —

$ 5,279 $ 5,268 $ 4,561 $ (824 ) $ 4,963 $ 7,209 $ 9,605 $ 13,031 $ 15,392

Changes in other current assets and liabilities:

(Increase) Decrease — Accounts Receivable
$ (3,167 ) $ (1,206 ) $ 1,625 $ 6,962 $ (51 ) $ (4,163 ) $ (3,683 ) $ (3,671 ) $ (1,460 )

(Increase) Decrease — Inventories
(1,433 ) 383 (727 ) 96 1,253 (1,579 ) (376 ) (1,948 ) (1,486 )

(Increase) Decrease — Prepaid and other
(2,814 ) 3,652 (630 ) 68 — — — — —

Increase (Decrease) — Accounts Payable
3,937 (5,030 ) 1,366 87 (353 ) 1,561 1,503 1,626 1,464

Increase (Decrease) — Accrued Liabilities
(1,661 ) 1,872 (2,161 ) 1,094 305 810 526 534 535

Net cash provided from operating activities:
$ 141 $ 4,939 $ 4,034 $ 7,483 $ 6,117 $ 3,838 $ 7,575 $ 9,573 $ 14,445

Cash flows from investing activities

Acquisition of Bear MGC Cutlery, Inc., net of cash acquired
$ — $ (7,982 ) $ — $ — $ — $ — $ — $ — $ —

Acquisition of Xantia, S.A., net of cash acquired
— — (1,751 ) — — — — — —

Capital Expenditures
(1,302 ) (1,698 ) (1,433 ) (2,010 ) (2,276 ) (2,171 ) (2,048 ) (2,034 ) (2,034 )

Additions to other assets
(2,701 ) (3,776 ) (2,605 ) (1,716 ) (1,401 ) (1,376 ) (1,297 ) (1,259 ) (1,181 )

Proceeds from sales of investments
1,949 1,972 — 3,832 — — — — —

Net cash used for investing activities
(2,054 ) (11,484 ) (5,789 ) 106 (3,677 ) (3,547 ) (3,345 ) (3,293 ) (3,215 )

Cash flows from financing activities:

Revolver net borrowings (payments of borrowings)
$ — $ — $ — $ — $ — $ — $ — $ — $ —

Net borrowings (repayments) of Debt
5,140 7,097 5,212 (9,793 ) (1,264 ) (2,339 ) (2,112 ) (568 ) (1,389 )

Repurchase of common stock
(3,081 ) (517 ) — (20 ) — — — — —

Proceeds from exercise of stock options and warrants
70 54 — — — — — — —

Net cash used for financing activities
$ 2,129 $ 6,634 $ 5,212 $ (9,813 ) $ (1,264 ) $ (2,339 ) $ (2,112 ) $ (568 ) $ (1,389 )

Effect of exchange rate changes on cash
$ (25 ) $ (96 ) $ 243 $ (139 ) $ — $ — $ — $ — $ —

Net increase (decrease) in cash & cash equivalents:
231 (7 ) 3,700 (2,363 ) 1,176 (2,048 ) 2,117 5,712 9,841

Cash & cash equivalents, beginning of period
1,078 1,269 1,262 4,962 2,639 3,815 1,767 3,884 9,596

Cash & cash equivalents, end of period
$ 1,269 $ 1,262 $ 4,962 $ 2,639 $ 3,815 $ 1,767 $ 3,884 $ 9,596 $ 19,438

Page 49

Table of Contents

Project Alps
Historical and Projected Working Capital Schedule
($ in thousands)

Fiscal Year Ending December 31, Fiscal Year Ending December 31,

Historical Projected

1998A 1999A 2000A 2001A 2002E 2003E 2004E 2005E 2006E

Summary Income Statement

Net Sales
$ 127,851 $ 129,452 $ 131,752 $ 114,629 $ 123,769 $ 141,400 $ 157,000 $ 174,600 $ 189,900

Cost of Sales
(77,869 ) (78,606 ) (81,046 ) (68,315 ) (70,360 ) (80,693 ) (88,651 ) (97,261 ) (105,014 )

EBIT
977 4,541 3,239 (3,740 ) 3,405 8,118 12,699 18,200 21,972

Depreciation & Amortization
2,794 3,230 3,504 3,964 3,035 2,477 2,033 2,007 1,947

EBITDA
$ 3,771 $ 7,771 $ 6,743 $ 224 $ 6,440 $ 10,595 $ 14,732 $ 20,207 $ 23,919

Interest (Expense) / Income
1,706 (2,890 ) 304 504 (440 ) (365 ) (200 ) 65 338

Income Taxes
(1,220 ) (1,531 ) (1,579 ) 344 (1,127 ) (3,101 ) (4,999 ) (7,306 ) (8,924 )

Net Income
$ 1,463 $ 120 $ 2,013 $ (3,152 ) $ 1,407 $ 3,722 $ 6,215 $ 9,270 $ 11,276

Summary Balance Sheet Data

Cash & Cash Equivalents
$ 1,309 $ 1,302 $ 5,002 $ 2,639 $ 3,815 $ 1,767 $ 3,884 $ 9,596 $ 19,438

Accounts Receivable, net
31,321 33,718 34,173 29,172 29,223 33,386 37,069 40,740 42,200

Days Outstanding
88 94 93 92 85 85 85 84 80

Inventories
28,890 30,227 33,461 34,758 33,505 35,084 35,460 37,408 38,894

InventoryTurns (COGS)
2.7x 2.6x 2.4x 2.0x 2.1x 2.3x 2.5x 2.6x 2.7x

Other Current Assets
6,658 5,293 5,976 6,540 6,540 6,540 6,540 6,540 6,540

% of Net Revenue
5.2 % 4.1 % 4.5 % 5.7 % 5.3 % 4.6 % 4.2 % 3.7 % 3.4 %

Accounts Payable
12,439 7,732 11,057 14,034 13,681 15,242 16,745 18,372 19,836

Days Outstanding
58 35 49 74 70 68 68 68 68

Accrued Liabilities
8,227 10,562 8,452 9,349 9,654 10,464 10,990 11,524 12,059

% of Net Revenue
6.4 % 8.2 % 6.4 % 8.2 % 7.8 % 7.4 % 7.0 % 6.6 % 6.4 %

Long-term Debt
— 11,362 16,038 6,408 4,069 1,957 1,389 — —

Stockholders’ Equity
74,598 76,380 80,684 75,760 77,167 80,889 87,104 96,374 107,650

Working Capital (Net of Cash)
46,203 50,944 54,101 47,087 45,933 49,304 51,335 54,793 55,739

% of Net Revenue
36.1 % 39.4 % 41.1 % 41.1 % 37.1 % 34.9 % 32.7 % 31.4 % 29.4 %

Summary Cash Flow Statement Data

Net Income
$ 1,463 $ 120 $ 2,013 $ (3,152 ) $ 1,407 $ 3,722 $ 6,215 $ 9,270 $ 11,276

Depreciation & Amortization
2,794 3,230 3,504 3,964 3,035 2,477 2,033 2,007 1,947

Increase (Decrease) in Working Capital (Net)
— 4,741 3,157 (7,014 ) (1,154 ) 3,372 2,030 3,458 947

Payments on Insurance
(2,701 ) (3,776 ) (2,605 ) (1,716 ) (1,401 ) (1,376 ) (1,297 ) (1,259 ) (1,181 )

Capital Expenditures
(1,302 ) (1,698 ) (1,433 ) (1,716 ) (2,276 ) (2,171 ) (2,048 ) (2,034 ) (2,034 )

% of Net Revenue
-1.0 % -1.3 % -1.1 % -1.5 % -1.8 % -1.5 % -1.3 % -1.2 % -1.1 %

Page 50

Table of Contents

Project Alps
Xantia S.A.

*

* This material has been omitted pursuant to a request for confidential treatment and has been filed separately with the Securities and Exchange Commission.

Page 51

Table of Contents

Project Alps
VSA

*

* This material has been omitted pursuant to a request for confidential treatment and has been filed separately with the Securities and Exchange Commission.

Page 52

Table of Contents

Historical and Projected Quarterly Income Statement

Table of Contents

Project Alps
Historical and Projected Quarterly Income Statement
($ in thousands)

Fiscal Year Ending December 31, 1998

3/31/98 6/30/98 9/30/98 12/31/98 FY 1998A

Total Revenue

*

Total Revenue
$ 24,610 $ 30,187 $ 31,370 $ 41,684 $ 127,851

Cost of Sales

*

Cost of Sales
(15,375 ) (18,550 ) (18,680 ) (25,264 ) (77,869 )

Gross Profit

*

Gross Profit
9,235 11,637 12,690 16,420 49,982

Selling, General & Administrative
(9,591 ) (10,818 ) (11,134 ) (14,668 ) (46,211 )

Depreciation & Amortization
(714 ) (712 ) (746 ) (622 ) (2,794 )

Total Operating Expenses
(10,305 ) (11,530 ) (11,880 ) (15,290 ) (49,005 )

EBIT
(1,070 ) 107 810 1,130 977

Interest and Other Income (Expense)
1,550 66 (4 ) 94 1,706

Interest Expense
— — — — —

Pre-Tax Income
480 173 806 1,224 2,683

Income Tax Benefit (Provision)
(194 ) (70 ) (341 ) (615 ) (1,220 )

Minority Interest
— — — — —

Net Income
$ 286 $ 103 $ 465 $ 609 $ 1,463

Diluted EPS
$ 0.03 $ 0.01 $ 0.06 $ 0.08 $ 0.18

Weighted Average Diluted Shares Outstanding
8,213 8,261 8,237 7,904 8,138

EBIT
$ (1,070 ) $ 107 $ 810 $ 1,130 $ 977

Add back Depreciation & Amortization
714 712 746 622 2,794

EBITDA
$ (356 ) $ 819 $ 1,556 $ 1,752 $ 3,771

* This material has been omitted pursuant to a request for confidential treatment and has been filed separately with the Securities and Exchange Commission.

Page 54

Table of Contents

Project Alps
Historical and Projected Quarterly Income Statement Margin Analysis
($ in thousands)

Fiscal Year Ending December 31, 1998

3/31/98 6/30/98 9/30/98 12/31/98 FY 1998A

Total Revenue:

Total Revenue Growth
— 27.7 % 3.9 % 32.9 % —

Cost of Sales:

*

Cost of Sales
-62.5 % -61.5 % -59.5 % -60.6 % -60.9 %

Gross Profit

*

Gross Profit
37.5 % 38.5 % 40.5 % 39.4 % 39.1 %

Selling, General & Administrative
-39.0 % -35.8 % -35.5 % -35.2 % -36.1 %

Depreciation & Amortization
-2.9 % -2.4 % -2.4 % -1.5 % -2.2 %

Total Operating Expenses
-41.9 % -38.2 % -37.9 % -36.7 % -38.3 %

EBIT
-4.3 % 0.4 % 2.6 % 2.7 % 0.8 %

Interest and Other Income (Expense)
6.3 % 0.2 % 0.0 % 0.2 % 1.3 %

Interest Expense
0.0 % 0.0 % 0.0 % 0.0 % 0.0 %

Pre-Tax Income
2.0 % 0.6 % 2.6 % 2.9 % 2.1 %

Income Tax Rate
-40.4 % -40.5 % -42.3 % -50.2 % -45.5 %

Minority Interest
0.0 % 0.0 % 0.0 % 0.0 % 0.0 %

Net Income
1.2 % 0.3 % 1.5 % 1.5 % 1.1 %

Diluted EPS
— -64.2 % 352.8 % 36.5 % —

Weighted Average Diluted Shares Outstanding
— 0.6 % -0.3 % -4.0 % —

EBIT
-4.3 % 0.4 % 2.6 % 2.7 % 0.8 %

Add back Depreciation & Amortization
2.9 % 2.4 % 2.4 % 1.5 % 2.2 %

EBITDA
-1.4 % 2.7 % 5.0 % 4.2 % 2.9 %

* This material has been omitted pursuant to a request for confidential treatment and has been filed separately with the Securities and Exchange Commission.

Page 55

Table of Contents

Project Alps
Historical and Projected Quarterly Income Statement
($ in thousands)

Fiscal Year Ending December 31, 1999

3/31/99 6/30/99 9/30/99 12/31/99 FY 1999A

*

Total Revenue
$ 23,570 $ 30,396 $ 33,026 $ 42,460 $ 129,452

*

Cost of Sales
(14,621 ) (18,406 ) (20,228 ) (25,351 ) (78,606 )

*

Gross Profit
8,949 11,990 12,798 17,109 50,846

Selling, General & Administrative
(9,270 ) (10,524 ) (10,347 ) (12,934 ) (43,075 )

Depreciation & Amortization
(720 ) (806 ) (863 ) (841 ) (3,230 )

Total Operating Expenses
(9,990 ) (11,330 ) (11,210 ) (13,775 ) (46,305 )

EBIT
(1,041 ) 660 1,588 3,334 4,541

Interest and Other Income (Expense)
427 (2,700 ) — — (2,273 )

Interest Expense
— (143 ) (235 ) (239 ) (617 )

Pre-Tax Income
(614 ) (2,183 ) 1,353 3,095 1,651

Income Tax Benefit (Provision)
261 57 (587 ) (1,262 ) (1,531 )

Minority Interest
— — — — —

Net Income
$ (353 ) $ (2,126 ) $ 766 $ 1,833 $ 120

Diluted EPS
$ (0.04 ) $ (0.27 ) $ 0.10 $ 0.22 $ 0.01

Weighted Average Diluted Shares Outstanding
7,885 7,854 8,048 8,176 8,022

EBIT
$ (1,041 ) $ 660 $ 1,588 $ 3,334 $ 4,541

Add back Depreciation & Amortization
720 806 863 841 3,230

EBITDA
$ (321 ) $ 1,466 $ 2,451 $ 4,175 $ 7,771

* This material has been omitted pursuant to a request for confidential treatment and has been filed separately with the Securities and Exchange Commission.

Page 56

Table of Contents

Project Alps
Historical and Projected Quarterly Income Statement Margin Analysis
($ in thousands)

Fiscal Year Ending December 31, 1999

3/31/99 6/30/99 9/30/99 12/31/99 FY 1999A

*

Total Revenue Growth
-43.5 % 29.0 % 8.7 % 28.6 % 1.3 %

*

Cost of Sales
-62.0 % -60.6 % -61.2 % -59.7 % -60.7 %

*

Gross Profit
38.0 % 39.4 % 38.8 % 40.3 % 39.3 %

Selling, General & Administrative
-39.3 % -34.6 % -31.3 % -30.5 % -33.3 %

Depreciation & Amortization
-3.1 % -2.7 % -2.6 % -2.0 % -2.5 %

Total Operating Expenses
-42.4 % -37.3 % -33.9 % -32.4 % -35.8 %

EBIT
-4.4 % 2.2 % 4.8 % 7.9 % 3.5 %

Interest and Other Income (Expense)
1.8 % -8.9 % 0.0 % 0.0 % -1.8 %

Interest Expense
0.0 % -0.5 % -0.7 % -0.6 % -0.5 %

Pre-Tax Income
-2.6 % -7.2 % 4.1 % 7.3 % 1.3 %

Income Tax Rate
-42.5 % -2.6 % -43.4 % -40.8 % -92.7 %

Minority Interest
0.0 % 0.0 % 0.0 % 0.0 % 0.0 %

Net Income
-1.5 % -7.0 % 2.3 % 4.3 % 0.1 %

Diluted EPS
-158.1 % 504.6 % -135.2 % 135.5 % -91.7 %

Weighted Average Diluted Shares Outstanding
-0.2 % -0.4 % 2.5 % 1.6 % -1.4 %

EBIT
-4.4 % 2.2 % 4.8 % 7.9 % 3.5 %

Add back Depreciation & Amortization
3.1 % 2.7 % 2.6 % 2.0 % 2.5 %

EBITDA
-1.4 % 4.8 % 7.4 % 9.8 % 6.0 %

* This material has been omitted pursuant to a request for confidential treatment and has been filed separately with the Securities and Exchange Commission.

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Table of Contents

Project Alps
Historical and Projected Quarterly Income Statement
($ in thousands)

Fiscal Year Ending December 31, 2000

3/31/00 6/30/00 9/30/00 12/31/00 FY 2000A

*

Total Revenue
$ 25,310 $ 29,345 $ 32,719 $ 44,378 $ 131,752

*

Cost of Sales
(15,769 ) (17,595 ) (19,920 ) (27,762 ) (81,046 )

*

Gross Profit
9,541 11,750 12,799 16,616 50,706

Selling, General & Administrative
(9,589 ) (10,403 ) (10,661 ) (13,310 ) (43,963 )

Depreciation & Amortization
(896 ) (892 ) (542 ) (1,174 ) (3,504 )

Total Operating Expenses
(10,485 ) (11,295 ) (11,203 ) (14,484 ) (47,467 )

EBIT
(944 ) 455 1,596 2,132 3,239

Interest and Other Income (Expense)
1,645 164 — (75 ) 1,734

Interest Expense
(214 ) (345 ) (294 ) (577 ) (1,430 )

Pre-Tax Income
487 274 1,302 1,480 3,543

Income Tax Benefit (Provision)
(211 ) (119 ) (525 ) (724 ) (1,579 )

Minority Interest
— — 12 37 49

Net Income
$ 276 $ 155 $ 789 $ 793 $ 2,013

Diluted EPS
$ 0.03 $ 0.02 $ 0.10 $ 0.10 $ 0.25

Weighted Average Diluted Shares Outstanding
8,217 8,153 8,250 8,279 8,187

EBIT
$ (944 ) $ 455 $ 1,596 $ 2,132 $ 3,239

Add back Depreciation & Amortization
896 892 542 1,174 3,504

EBITDA
$ (48 ) $ 1,347 $ 2,138 $ 3,306 $ 6,743

* This material has been omitted pursuant to a request for confidential treatment and has been filed separately with the Securities and Exchange Commission.

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Table of Contents

Project Alps
Historical and Projected Quarterly Income Statement Margin Analysis
($ in thousands)

Fiscal Year Ending December 31, 2000

3/31/00 6/30/00 9/30/00 12/31/00 FY 2000A

*

Total Revenue Growth
— 15.9 % 11.5 % 35.6 % —

*

Cost of Sales
-62.3 % -60.0 % -60.9 % -62.6 % -61.5 %

*

Gross Profit
37.7 % 40.0 % 39.1 % 37.4 % 38.5 %

Selling, General & Administrative
-37.9 % -35.5 % -32.6 % -30.0 % -33.4 %

Depreciation & Amortization
-3.5 % -3.0 % -1.7 % -2.6 % -2.7 %

Total Operating Expenses
-41.4 % -38.5 % -34.2 % -32.6 % -36.0 %

EBIT
-3.7 % 1.6 % 4.9 % 4.8 % 2.5 %

Interest and Other Income (Expense)
6.5 % 0.6 % 0.0 % -0.2 % 1.3 %

Interest Expense
-0.8 % -1.2 % -0.9 % -1.3 % -1.1 %

Pre-Tax Income
1.9 % 0.9 % 4.0 % 3.3 % 2.7 %

Income Tax Rate
-43.3 % -43.4 % -40.3 % -48.9 % -44.6 %

Minority Interest
0.0 % 0.0 % 0.0 % 0.1 % 0.0 %

Net Income
1.1 % 0.5 % 2.4 % 1.8 % 1.5 %

Diluted EPS
— -43.4 % 403.0 % 0.2 % —

Weighted Average Diluted Shares Outstanding
— -0.8 % 1.2 % 0.4 % 2.1 %

EBIT
-3.7 % 1.6 % 4.9 % 4.8 % 2.5 %

Add back Depreciation & Amortization
3.5 % 3.0 % 1.7 % 2.6 % 2.7 %

EBITDA
-0.2 % 4.6 % 6.5 % 7.4 % 5.1 %

* This material has been omitted pursuant to a request for confidential treatment and has been filed separately with the Securities and Exchange Commission.

Page 59

Table of Contents

Project Alps
Historical and Projected Quarterly Income Statement
($ in thousands)

Fiscal Year Ending December 31, 2001

3/31/01 6/30/01 9/30/01 12/31/01 FY 2001A

*

Total Revenue
$ 21,273 $ 27,577 $ 27,015 $ 38,764 $ 114,629

*

Cost of Sales
(13,287 ) (15,961 ) (15,357 ) (23,710 ) (68,315 )

*

Gross Profit
7,986 11,616 11,658 15,054 46,314

Selling, General & Administrative
(10,501 ) (10,612 ) (11,107 ) (13,870 ) (46,090 )

Depreciation & Amortization
(1,159 ) (956 ) (923 ) (926 ) (3,964 )

Total Operating Expenses
(11,660 ) (11,568 ) (12,030 ) (14,796 ) (50,054 )

EBIT
(3,674 ) 48 (372 ) 258 (3,740 )

Interest and Other Income (Expense)
— — 1,854 (377 ) 1,477

Interest Expense
(218 ) (237 ) (281 ) (237 ) (973 )

Pre-Tax Income
(3,892 ) (189 ) 1,201 (356 ) (3,236 )

Income Tax Benefit (Provision)
1,585 44 (622 ) (663 ) 344

Minority Interest
48 71 (172 ) (207 ) (260 )

Net Income
$ (2,259 ) $ (74 ) $ 407 $ (1,226 ) $ (3,152 )

Diluted EPS
$ (0.27 ) $ (0.01 ) $ 0.05 $ (0.15 ) $ (0.39 )

Weighted Average Diluted Shares Outstanding
8,278 8,278 8,284 8,168 8,139

EBIT
$ (3,674 ) $ 48 $ (372 ) $ 258 $ (3,740 )

Add back Depreciation & Amortization
1,159 956 923 926 3,964

EBITDA
$ (2,515 ) $ 1,004 $ 551 $ 1,184 $ 224

* This material has been omitted pursuant to a request for confidential treatment and has been filed separately with the Securities and Exchange Commission.

Page 60

Table of Contents

Project Alps
Historical and Projected Quarterly Income Statement Margin Analysis
($ in thousands)

Fiscal Year Ending December 31, 2001

3/31/01 6/30/01 9/30/01 12/31/01 FY 2001A

*

Total Revenue Growth
-52.1 % 29.6 % -2.0 % 43.5 % -13.0 %

*

Cost of Sales
-62.5 % -57.9 % -56.8 % -61.2 % -59.6 %

*

Gross Profit
37.5 % 42.1 % 43.2 % 38.8 % 40.4 %

Selling, General & Administrative
-49.4 % -38.5 % -41.1 % -35.8 % -40.2 %

Depreciation & Amortization
-5.4 % -3.5 % -3.4 % -2.4 % -3.5 %

Total Operating Expenses
-54.8 % -41.9 % -44.5 % -38.2 % -43.7 %

EBIT
-17.3 % 0.2 % -1.4 % 0.7 % -3.3 %

Interest and Other Income (Expense)
0.0 % 0.0 % 6.9 % -1.0 % 1.3 %

Interest Expense
-1.0 % -0.9 % -1.0 % -0.6 % -0.8 %

Pre-Tax Income
-18.3 % -0.7 % 4.4 % -0.9 % -2.8 %

Income Tax Rate
-40.7 % -23.3 % -51.8 % 186.2 % -10.6 %

Minority Interest
0.2 % 0.3 % -0.6 % -0.5 % -0.2 %

Net Income
-10.6 % -0.3 % 1.5 % -3.2 % -2.7 %

Diluted EPS
-384.9 % -96.7 % -649.6 % -405.5 % -257.5 %

Weighted Average Diluted Shares Outstanding
0.0 % 0.0 % 0.1 % -1.4 % -0.6 %

EBIT
-17.3 % 0.2 % -1.4 % 0.7 % -3.3 %

Add back Depreciation & Amortization
5.4 % 3.5 % 3.4 % 2.4 % 3.5 %

EBITDA
-11.8 % 3.6 % 2.0 % 3.1 % 0.2 %

* This material has been omitted pursuant to a request for confidential treatment and has been filed separately with the Securities and Exchange Commission.

Page 61

Table of Contents

Project Alps
Historical and Projected Quarterly Income Statement⁽¹⁾
($ in thousands)

Fiscal Year Ending December 31, 2002

3/31/02 6/30/02 9/30/02 12/31/02 FY 2002E

*

Total Revenue
$ 24,741 $ 27,916 $ 31,252 $ 39,860 $ 123,769

*

Cost of Sales
(14,428 ) (16,049 ) (17,680 ) (22,203 ) (70,360 )

*

Gross Profit
10,313 11,867 13,572 17,657 53,409

Selling, General & Administrative⁽²⁾
(10,392 ) (12,276 ) (12,151 ) (12,151 ) (46,969 )

Depreciation & Amortization
(930 ) (702 ) (702 ) (702 ) (3,035 )

Total Operating Expenses
(11,322 ) (12,978 ) (12,852 ) (12,852 ) (50,004 )

EBIT
(1,009 ) (1,111 ) 720 4,805 3,405

Interest and Other Income (Expense)
— 49 24 24 97

Interest Expense
(162 ) (125 ) (125 ) (125 ) (537 )

Pre-Tax Income
(1,171 ) (1,187 ) 619 4,704 2,965

Income Tax Benefit (Provision)
343 439 (223 ) (1,687 ) (1,127 )

Minority Interest
(108 ) (108 ) (108 ) (108 ) (431 )

Net Income
$ (936 ) $ (856 ) $ 288 $ 2,909 $ 1,407

Diluted EPS
$ (0.11 ) $ (0.10 ) $ 0.04 $ 0.35 $ 0.17

Weighted Average Diluted Shares Outstanding
8,168 8,188 8,209 8,229 8,199

EBIT
$ (1,009 ) $ (1,111 ) $ 720 $ 4,805 $ 3,405

Add back Depreciation & Amortization
930 702 702 702 3,035

EBITDA
$ (79 ) $ (409 ) $ 1,422 $ 5,507 $ 6,440

Notes:

(1) Projections reflect Company internal estimates.

(2) Includes results from Xantia S.A. for the fiscal year ending December 31, 2002.

* This material has been omitted pursuant to a request for confidential treatment and has been filed separately with the Securities and Exchange Commission.

Page 62

Table of Contents

Project Alps
Historical and Projected Quarterly Income Statement Margin Analysis
($ in thousands)

Fiscal Year Ending December 31, 2002⁽²⁾

3/31/02 6/30/02 9/30/02 12/31/02 FY 2002E

*

Total Revenue Growth
-36.2 % 12.8 % 12.0 % 27.5 % 8.0 %

*

Cost of Sales
-58.3 % -57.5 % -56.6 % -55.7 % -56.8 %

*

Gross Profit
41.7 % 42.5 % 43.4 % 44.3 % 43.2 %

Selling, General & Administrative⁽²⁾
-42.0 % -44.0 % -38.9 % -30.5 % -37.9 %

Depreciation & Amortization
-3.8 % -2.5 % -2.2 % -1.8 % -2.5 %

Total Operating Expenses
-45.8 % -46.5 % -41.1 % -32.2 % -40.4 %

EBIT
-4.1 % -4.0 % 2.3 % 12.1 % 2.8 %

Interest and Other Income (Expense)
0.0 % 0.2 % 0.1 % 0.1 % 0.1 %

Interest Expense
-0.7 % -0.4 % -0.4 % -0.3 % -0.4 %

Pre-Tax Income
-4.7 % -4.3 % 2.0 % 11.8 % 2.4 %

Income Tax Rate
-29.3 % -37.0 % -36.0 % -35.9 % -38.0 %

Minority Interest
-0.4 % -0.4 % -0.3 % -0.3 % -0.3 %

Net Income
-3.8 % -3.1 % 0.9 % 7.3 % 1.1 %

Diluted EPS
-23.7 % -8.8 % -133.6 % 906.1 % -144.3 %

Weighted Average Diluted Shares Outstanding
0.0 % 0.2 % 0.2 % 0.2 % 0.7 %

EBIT
-4.1 % -4.0 % 2.3 % 12.1 % 2.8 %

Add back Depreciation & Amortization
3.8 % 2.5 % 2.2 % 1.8 % 2.5 %

EBITDA
-0.3 % -1.5 % 4.5 % 13.8 % 5.2 %

Notes:

(1) Projections reflect Company internal estimates.

(2) Includes results from Xantia S.A. for the fiscal year ending December 31, 2002.

* This material has been omitted pursuant to a request for confidential treatment and has been filed separately with the Securities and Exchange Commission.

Page 63

Table of Contents

Analysis of License Agreements

Table of Contents

Analysis of Licensing Agreements

Table of Contents

Analysis of Insurance Policies

Table of Contents

($ in thousands)

Cash Values

Split Dollar Life Insurance

Louis Marx
$ 5,100

Stan Rawn
2,500

Various Management
2,356

Charitable Insurance

CEC Charity Policy
3,442

Other Charity Policies
4,058

$ 17,456

Life Expectancy

Marx
10 yrs.

Rawn
15 yrs.

Various Management
20 yrs.

Charity
20 yrs.

Present Values

Louis Marx
$ 3,236

Stan Rawn
936

Various Management
206

CEC Charity
4,343

Other Charity
322

Total
$ 9,043

Value Per Share with Charity
$ 1.09

Value Per Share without Charity
$ 0.53

Discount
4.00 %

Additions 2002 2003 2004 2005 2006 2007 2008

Louis Marx
$ (190 ) $ (190 ) $ (142 ) $ (127 ) $ (127 ) $ (127 ) $ (127 )

Stan Rawn
(282 ) (282 ) (282 ) (282 ) (204 ) — —

Various Management
(325 ) (300 ) (269 ) (246 ) (246 ) (246 ) (180 )

CEC Charity Policy
(292 ) (292 ) (292 ) (292 ) (292 ) (292 ) (292 )

Other Charity Policies
(312 ) (312 ) (312 ) (312 ) (312 ) (312 ) (312 )

$ (1,401 ) $ (1,376 ) $ (1,297 ) $ (1,259 ) $ (1,181 ) $ (977 ) $ (911 )

Cash Values

Louis Marx
$ 5,290 $ 5,480 $ 5,622 $ 5,749 $ 5,876 $ 6,003 $ 6,130

Stan Rawn
2,782 3,064 3,346 3,628 3,832 3,832 3,832

Various Management
2,681 2,981 3,250 3,496 3,742 3,988 4,168

$ 10,753 $ 11,525 $ 12,218 $ 12,873 $ 13,450 $ 13,823 $ 14,130

Value of CEC Charity
$ 3,734 $ 4,026 $ 4,318 $ 4,610 $ 4,902 $ 5,194 $ 5,486

Value of Other Charity
4,370 4,682 4,994 5,306 5,618 5,930 6,242

Total Cash Values
$ 18,857 $ 20,233 $ 21,530 $ 22,789 $ 23,970 $ 24,947 $ 25,858

Cash Flows

Louis Marx
$ (190 ) $ (190 ) $ (142 ) $ (127 ) $ (127 ) $ (127 ) $ (127 )

Stan Rawn
(282 ) (282 ) (282 ) (282 ) (204 ) — —

Various Management
(325 ) (300 ) (269 ) (246 ) (246 ) (246 ) (180 )

CEC Charity Policy
(292 ) (292 ) (292 ) (292 ) (292 ) (292 ) (292 )

Other Charity Policies
(312 ) (312 ) (312 ) (312 ) (312 ) (312 ) (312 )

[Additional columns below]
[Continued from above table, first column(s) repeated]

Additions 2009 2010 2011 2012 2013 2014 2015

Louis Marx
$ (127 ) $ (127 ) $ — $ — $ — $ — $ —

Stan Rawn
— — — — — — —

Various Management
(169 ) (153 ) (111 ) (78 )

CEC Charity Policy
(292 ) (292 ) — — — — —

Other Charity Policies
(312 ) (221 ) (210 ) (210 ) (210 ) (168 ) (135 )

$ (900 ) $ (793 ) $ (321 ) $ (288 ) $ (210 ) $ (168 ) $ (135 )

Cash Values

Louis Marx
$ 6,257 $ 6,384 $ 6,384 $ — $ — $ — $ —

Stan Rawn
3,832 3,832 3,832 3,832 3,832 3,832 3,832

Various Management
4,337 4,490 4,601 4,679 4,679 4,679 4,679

$ 14,426 $ 14,706 $ 14,817 $ 8,511 $ 8,511 $ 8,511 $ 8,511

Value of CEC Charity
$ 5,778 $ 6,070 $ 6,070 $ — $ — $ — $ —

Value of Other Charity
6,554 6,775 6,985 7,195 7,405 7,573 7,708

Total Cash Values
$ 26,758 $ 27,551 $ 27,872 $ 15,706 $ 15,916 $ 16,084 $ 16,219

Cash Flows

Louis Marx
$ (127 ) $ (127 ) $ 6,384 $ — $ — $ — $ —

Stan Rawn
— — — — — — —

Various Management
(169 ) (153 ) (111 ) (78 ) — — —

CEC Charity Policy
(292 ) (292 ) 16,070 — — — —

Other Charity Policies
(312 ) (221 ) (210 ) (210 ) (210 ) (168 ) (135 )

[Additional columns below]
[Continued from above table, first column(s) repeated]

Additions 2016 2017 2018 2019 2020 2021

Louis Marx
$ — $ — $ — $ — $ — $ —

Stan Rawn
— — — — — —

Various Management

CEC Charity Policy
— — — — — —

Other Charity Policies
(107 ) (107 ) (107 ) (87 ) (87 ) —

$ (107 ) $ (107 ) $ (107 ) $ (87 ) $ (87 ) $ —

Cash Values

Louis Marx
$ — $ — $ — $ — $ — $ —

Stan Rawn
3,832 — — — — —

Various Management
4,679 4,679 4,679 4,679 4,679 4,679

$ 8,511 $ 4,679 $ 4,679 $ 4,679 $ 4,679 $ 4,679

Value of CEC Charity
$ — $ — $ — $ — $ — $ —

Value of Other Charity
7,815 7,922 8,029 8,116 8,203 8,203

Total Cash Values
$ 16,326 $ 12,601 $ 12,708 $ 12,795 $ 12,882 $ 12,882

Cash Flows

Louis Marx
$ — $ — $ — $ — $ — $ —

Stan Rawn
3,832 — — — — —

Various Management
— — — — — 4,679

CEC Charity Policy
— — — — — —

Other Charity Policies
(107 ) (107 ) (107 ) (87 ) (87 ) 8,203

Note:

(1) The charity policies are structured so that half the proceeds upon collection go to a designated charity and half go to a charitable foundation set up by Ranger.

Page 67

EX-99.D.1 5 y62132e3exv99wdw1.txt COMPLAINT OF EUGENIA G. VOGEL EXHIBIT (d)(1) IN THE COURT OF CHANCERY IN THE STATE OF DELAWARE IN AND FOR NEW CASTLE COUNTY - -------------------------------------------- X EUGENIA G. VOGEL, : : Civil Action No. 19698 Plaintiff, : : vs. : : SWISS ARMY BRANDS, INC., A. CLINTON : ALLEN, STANLEY R. RAWN, JR., VINCENT : D. FARRELL JR., JOHN SPENCER, JOHN : V. TUNNEY, LOUIS MARX JR., PETER W. : GILSON, THOMAS M. LUPINSKY and : VICTORINOX AG, : : Defendants. : : : X - --------------------------------------------

SHAREHOLDER'S CLASS ACTION COMPLAINT Plaintiff, by her attorneys, for his complaint against defendants, alleges upon personal knowledge with respect to paragraph 3, and upon information and belief based, inter alia, upon the investigation of counsel, as to all other allegations herein, as follows: NATURE OF THE ACTION 1. This is a stockholders' class action on behalf of the public stockholders of Swiss Army Brands, Inc., ("Swiss Army" or the "Company"), against certain officers and directors and the controlling shareholder of Swiss Army to enjoin certain actions of defendants related to the acquisition of the outstanding shares of Swiss Army common stock by its majority controlling shareholder, defendant Victorinox AG ("Victorinox"). 2. The consideration that Victorinox stated it would offer to members of the Class (as defined below) in the proposed stock acquisition is unfair and grossly inadequate because, among other things, the intrinsic value of Swiss Army's common stock is materially in excess of the amount offered, giving due consideration to the Company's growth and anticipated operating results, net asset value and profitability. THE PARTIES 3. Plaintiff Eugenia G. Vogel is and at all relevant times has been the owner of Swiss Army common stock. 4. (a) Swiss Army is a Delaware corporation with its principal executive offices located at One Research Drive, Shelton, Connecticut 06484. Swiss Army is a manufacturer, importer and distributor of consumer products including watches, pocketknives and multi-tools. (b) As of March 19, 2002, Swiss Army had approximately 8.1 million shares of common stock outstanding, held by hundreds if not thousands of shareholders of record. Swiss Army common stock is listed and traded on the NASDAQ-National Market System (NMS). 5. Victorinox is organized under the laws of Switzerland and, along with its affiliates, reportedly holds approximately 67% of the outstanding common stock of Swiss Army. As such, Victorinox and its representatives on the Swiss Army board effectively control and dominate Swiss Army's affairs. As the controlling shareholder of Swiss Army, Victorinox owes fiduciary obligations of good faith, candor, loyalty and fair dealing to the public shareholders of Swiss Army. 6. At all relevant times A. Clinton Allen, Stanley R. Rawn Jr., Vincent D. Farrell Jr., John Spencer, John V. Tunney, Louis Marx, Jr., Peter W. Gilson, Thomas M. Lupinski were officers and/or directors of Swiss Army and owe to the public stockholders of Swiss Army the fiduciary obligations of good faith, fair dealing, candor and loyalty. 2 7. As discussed in detail below, Victorinox and the Individual Defendants have breached their fiduciary duties to Swiss Army's public stockholders by acting to cause or facilitate Victorinox's acquisition of the publicly-held minority shares of Swiss Army for unfair and inadequate consideration, and through coercive means. 8. Each defendant herein is sued individually as a conspirator and aider and abettor, as well as in the case of the Individual Defendants, in their capacity as directors and/or officers of Swiss Army, and the liability of each arises from the fact that they have engaged in all or part of the unlawful acts, plans, schemes, or transactions complained of herein. CLASS ACTION ALLEGATIONS 9. Plaintiff brings this action pursuant to Rule 23 of the Rules of this Court, on behalf of himself and all other shareholders of the Company except the defendants herein and any persons, firm, trust, corporation, or other entity related to or affiliated with them and their successors in interest, who are or will be threatened with injury arising from defendants' actions, as more fully described herein (the "Class"). 10. This action is properly maintainable as a class action for the following reasons: a. The Class is so numerous that joinder of all members is impracticable. There are in excess of 8.1 million shares of Swiss Army common stock which are outstanding, held by hundreds if not thousands of stockholders of Swiss Army stock who are members of the Class. b. Members of the Class are scattered throughout the United States and are so numerous that it is impracticable to bring them all before this Court. 3 c. There are questions of law and fact that are common to the Class, including, inter alia, the following: (i) Whether defendants have engaged in and are continuing to engage in conduct which unfairly benefits Victorinox at the expense of the members of the Class; (ii) Whether the Individual Defendants, as officers and/or directors of the Company, and Victorinox, as the controlling stockholder of Swiss Army, are violating their fiduciary duties to plaintiff and the other members of the Class; (iii) Whether plaintiff and the other members of the Class would be irreparably damaged were defendants not enjoined from the conduct described herein; (iv) Whether defendants have initiated and timed their buy-out of Swiss Army shares to unfairly benefit Victorinox at the expense of Swiss Army's public shareholders. d. The claims of plaintiff are typical of the claims of the other members of the Class in that all members of the Class will be damaged by defendants' actions. e. Plaintiff is committed to prosecuting this action and has retained competent counsel experience in litigation of this nature. Plaintiff is an adequate representative of the Class. 10. The prosecution of separate actions by individual members of the Class would create the risk of inconsistent or varying adjudications with respect to individual members of the Class which would establish incompatible standards of conduct for defendants, or adjudications with respect to individual members of the Class which would as a practical matter be dispositive of the interests of the other members not parties to the adjudications or substantially impair or impede their ability to protect their interests. 4 11. Defendants have acted, or refused to act, on grounds generally applicable to, and causing injury to, the Class and, therefore, preliminary and final injunctive relief on behalf of the Class as a whole is appropriate. SUBSTANTIVE ALLEGATIONS A. THE OFFER 12. On June 12, 2002, Swiss Army issued a press release announcing its intentions to acquire the outstanding common stock of Swiss Army that it did not already own. Under the terms of the offer, owners of the shares of the publicly held stock of Swiss Army would receive $9 per share. 13. The price that Victorinox has offered and which constitutes the maximum it would agree to pay in a buy-out has been dictated by Victorinox to serve its own interests, and is being crammed down by Victorinox and its representatives on Swiss Army's Board to force Swiss Army's minority shareholders to relinquish their Swiss Army shares at a grossly unfair price. 14. In making its inadequate offer to acquire the remaining stock of Swiss Army, Victorinox has tried to take advantage of the fact that the market price of Swiss Army stock does not fully reflect the progress and value of Swiss Army's business and growth prospects. 15. The consideration to be paid to the minority stockholders does not represent the true value of the Company, is unfair and grossly inadequate, and constitutes unfair dealing. 16. Victorinox, by reason of its 67% ownership of Swiss Army's outstanding shares, is in a position to ensure effectuation of the transaction without regard to its fairness to Swiss Army's public shareholders. 5 17. Because Victorinox is in possession of proprietary corporate information concerning Swiss Army's future financial prospects, the degree of knowledge and economic power between Victorinox and the class members is unequal, making it grossly and inherently unfair for Victorinox to obtain the remaining 33% of Swiss Army's shares at the unfair and inadequate price that it has proposed. 18. By offering a grossly inadequate price for Swiss Army's shares and threatening or planning to use its coercive means of control to force the consummation of the transaction, Victorinox is violating its duties as majority shareholder. 19. Any buy-out of Swiss Army public shareholders by Victorinox on the terms offered, will deny class members their right to share proportionately and equitably in the true value of Swiss Army's valuable and profitable business, and future growth in profits and earnings, at a time when the Company is poised to increase its profitability. 20. Defendants' fiduciary obligations require them to: (a) act independently so that the interests of Swiss Army's public stockholders will be protected; (b) adequately ensure that no conflicts of interest exist between defendants' own interests and their fiduciary obligations of entire fairness or, if such conflicts exist, to ensure that all the conflicts are resolved in the best interests of Swiss Army's public stockholders; and (c) provide Swiss Army's stockholders with independent representation in the negotiations with Victorinox. 21. Because Victorinox controls 67% of Swiss Army and dominates its Board, no auction or market check can be effected to establish Swiss Army's worth through arm's-length 6 bargaining. Thus, Victorinox has the power and is exercising its power to acquire Swiss Army's minority shares and dictate terms which are in Victorinox's best interest, without competing bids and regardless of the wishes or best interests of the class members or the intrinsic value of Swiss Army's stock. 22. By reason of the foregoing, defendants have breached and will continue to breach their duties to the minority public shareholders of Swiss Army and are engaging in improper, unfair dealing and wrongful and coercive conduct. 23. Plaintiff and the Class will suffer irreparable harm unless defendants are enjoined from breaching their fiduciary duties and from carrying out the aforesaid plan and scheme. 24. By reason of the foregoing, defendants have violated the fiduciary duties which each of them owes to plaintiff and the other members of the Class. 25. Unless enjoined by this Court, defendants will continue to breach their fiduciary duties owed to plaintiff and the other members of the Class, and are prepared to consummate a buy-out on unfair and inadequate terms which will exclude the Class from its fair proportionate share of Swiss Army's valuable assets and businesses, all to the irreparable harm of the Class, as aforesaid. 26. Plaintiff and the other class members are immediately threatened by the acts and transactions complained of herein, and lack an adequate remedy at law. WHEREFORE, plaintiff demands judgment and preliminary and permanent relief, including injunctive relief, in plaintiff's favor and in favor of the Class and against defendants as follows: 7 A. Declaring that this action is properly maintainable as a class action, and certifying plaintiff as a class representative; B. Declaring that the defendants and each of them have breached their fiduciary duties to plaintiff and other members of the Class or aided and abetted such breaches; C. Enjoining the proposed transaction and, if the transaction is consummated, rescinding the transaction or awarding to plaintiff and the Class rescissory damages; D. Ordering that defendants account to the Class for all damages caused to them as a result of defendants' wrongful conduct alleged herein; E. Awarding plaintiff the costs and disbursements of this action, including allowance for plaintiff's attorneys' and experts' fees; and F. Granting such other, and further relief as this Court may deem to be just and proper. ROSENTHAL, MONHAIT, GROSS & GODDESS, P.A. By: /s/ Carmella P. Keener --------------------------------------- 919 Market Street, Suite 1401 Post Office Box 1070 Wilmington, Delaware 19899 (302) 656-4433 Attorneys for Plaintiff OF COUNSEL: Steven G. Schulman Samuel H. Rudman U. Seth Ottensoser MILBERG WEISS BERSHAD HYNES & LERACH LLP One Pennsylvania Plaza New York, NY 10119 (212) 594-5300 8 EX-99.D.2 6 y62132e3exv99wdw2.txt COMPLAINT OF JOHN CALABRIA EXHIBIT (d)(2) IN THE COURT OF CHANCERY IN THE STATE OF DELAWARE IN AND FOR NEW CASTLE COUNTY Civil Action No. 19699 - ----------------------------------------------------------------------- x : JOHN CALABRIA, : : Plaintiff, : : vs. : : SWISS ARMY BRANDS, INC., CLARKE H. BAILEY, A. CLINTON ALLEN, : STANLEY R. RAWN, JR., VINCENT D. FARRELL JR., JOHN SPENCER, JOHN V. : TUNNEY, LOUIS MARX JR., PETER W. GILSON, THOMAS M. LUPINSKY and : VICTORINOX AG, : : Defendants. : : : : x - ----------------------------------------------------------------------- SHAREHOLDER'S CLASS ACTION COMPLAINT Plaintiff, by his attorneys, for his complaint against defendants, alleges upon personal knowledge with respect to paragraph 3, and upon information and belief based, inter alia, upon the investigation of counsel, as to all other allegations herein, as follows: NATURE OF THE ACTION 1. This is a stockholders' class action on behalf of the public stockholders of Swiss Army Brands, Inc., ("Swiss Army" or the "Company"), against certain officers and directors and the controlling shareholder of Swiss Army to enjoin certain actions of defendants related to the acquisition of the outstanding shares of Swiss Army common stock by its majority controlling shareholder, defendant Victorinox AG ("Victorinox"). 2. The consideration that Victorinox stated it would offer to members of the Class (as defined below) in the proposed stock acquisition is unfair and grossly inadequate because, among other things, the intrinsic value of Swiss Army's common stock is materially in excess of the amount offered, giving due consideration to the Company's growth and anticipated operating results, net asset value and profitability. THE PARTIES 3. Plaintiff is and at all relevant times has been the owner of Swiss Army common stock. 4. (a) Swiss Army is a Delaware corporation with its principal executive offices located at One Research Drive, Shelton, Connecticut 06484. Swiss Army is a manufacturer, importer and distributor of consumer products including watches, pocketknives and multi-tools. (b) As of March 19, 2002, Swiss Army had approximately 8.1 million shares of common stock outstanding, held by hundreds if not thousands of shareholders of record. Swiss Army common stock is listed and traded on the NASDAQ-National Market System (NMS). 5. Victorinox is organized under the laws of Switzerland and, along with its affiliates, reportedly holds approximately 67% of the outstanding common stock of Swiss Army. As such, Victorinox and its representatives on the Swiss Army board effectively control and dominate Swiss Army's affairs. As the controlling shareholder of Swiss Army, Victorinox owes fiduciary obligations of good faith, candor, loyalty and fair dealing to the public shareholders of Swiss Army. 6. At all relevant times Clarke H. Bailey, A. Clinton Allen, Stanley R. Rawn Jr., Vincent D. Farrell Jr., John Spencer, John V. Tunney, Louis Marx, Jr., Peter W. Gilson, Thomas M. Lupinski were officers and/or directors of Swiss Army and owe to the public stockholders of Swiss Army the fiduciary obligations of good faith, fair dealing, candor and loyalty. 2 7. As discussed in detail below, Victorinox and the Individual Defendants have breached their fiduciary duties to Swiss Army's public stockholders by acting to cause or facilitate Victorinox's acquisition of the publicly-held minority shares of Swiss Army for unfair and inadequate consideration, and through coercive means. 8. Each defendant herein is sued individually as a conspirator and aider and abettor, as well as in the case of the Individual Defendants, in their capacity as directors and/or officers of Swiss Army, and the liability of each arises from the fact that they have engaged in all or part of the unlawful acts, plans, schemes, or transactions complained of herein. CLASS ACTION ALLEGATIONS 9. Plaintiff brings this action pursuant to Rule 23 of the Rules of this Court, on behalf of himself and all other shareholders of the Company except the defendants herein and any persons, firm, trust, corporation, or other entity related to or affiliated with them and their successors in interest, who are or will be threatened with injury arising from defendants' actions, as more fully described herein (the "Class"). 10. This action is properly maintainable as a class action for the following reasons: a. The Class is so numerous that joinder of all members is impracticable. There are in excess of 8.1 million shares of Swiss Army common stock which are outstanding, held by hundreds if not thousands of stockholders of Swiss Army stock who are members of the Class. b. Members of the Class are scattered throughout the United States and are so numerous that it is impracticable to bring them all before this Court. 3 c. There are questions of law and fact that are common to the Class, including, inter alia, the following: (i) Whether defendants have engaged in and are continuing to engage in conduct which unfairly benefits Victorinox at the expense of the members of the Class; (ii) Whether the Individual Defendants, as officers and/or directors of the Company, and Victorinox, as the controlling stockholder of Swiss Army, are violating their fiduciary duties to plaintiff and the other members of the Class; (iii) Whether plaintiff and the other members of the Class would be irreparably damaged were defendants not enjoined from the conduct described herein; (iv) Whether defendants have initiated and timed their buy-out of Swiss Army shares to unfairly benefit Victorinox at the expense of Swiss Army's public shareholders. d. The claims of plaintiff are typical of the claims of the other members of the Class in that all members of the Class will be damaged by defendants' actions. e. Plaintiff is committed to prosecuting this action and has retained competent counsel experience in litigation of this nature. Plaintiff is an adequate representative of the Class. 10. The prosecution of separate actions by individual members of the Class would create the risk of inconsistent or varying adjudications with respect to individual members of the Class which would establish incompatible standards of conduct for defendants, or adjudications with respect to individual members of the Class which would as a practical matter be dispositive of the interests of the other members not parties to the adjudications or substantially impair or impede their ability to protect their interests. 4 11. Defendants have acted, or refused to act, on grounds generally applicable to, and causing injury to, the Class and, therefore, preliminary and final injunctive relief on behalf of the Class as a whole is appropriate. SUBSTANTIVE ALLEGATIONS A. THE OFFER 12. On June 12, 2002, Swiss Army issued a press release announcing its intentions to acquire the outstanding common stock of Swiss Army that it did not already own. Under the terms of the offer, owners of the shares of the publicly held stock of Swiss Army would receive $9 per share. 13. The price that Victorinox has offered and which constitutes the maximum it would agree to pay in a buy-out has been dictated by Victorinox to serve its own interests, and is being crammed down by Victorinox and its representatives on Swiss Army's Board to force Swiss Army's minority shareholders to relinquish their Swiss Army shares at a grossly unfair price. 14. In making its inadequate offer to acquire the remaining stock of Swiss Army, Victorinox has tried to take advantage of the fact that the market price of Swiss Army stock does not fully reflect the progress and value of Swiss Army's business and growth prospects. 15. The consideration to be paid to the minority stockholders does not represent the true value of the Company, is unfair and grossly inadequate, and constitutes unfair dealing. 16. Victorinox, by reason of its 67% ownership of Swiss Army's outstanding shares, is in a position to ensure effectuation of the transaction without regard to its fairness to Swiss Army's public shareholders. 5 17. Because Victorinox is in possession of proprietary corporate information concerning Swiss Army's future financial prospects, the degree of knowledge and economic power between Victorinox and the class members is unequal, making it grossly and inherently unfair for Victorinox to obtain the remaining 33% of Swiss Army's shares at the unfair and inadequate price that it has proposed. 18. By offering a grossly inadequate price for Swiss Army's shares and threatening or planning to use its coercive means of control to force the consummation of the transaction, Victorinox is violating its duties as majority shareholder. 19. Any buy-out of Swiss Army public shareholders by Victorinox on the terms offered, will deny class members their right to share proportionately and equitably in the true value of Swiss Army's valuable and profitable business, and future growth in profits and earnings, at a time when the Company is poised to increase its profitability. 20. Defendants' fiduciary obligations require them to: (a) act independently so that the interests of Swiss Army's public stockholders will be protected; (b) adequately ensure that no conflicts of interest exist between defendants' own interests and their fiduciary obligations of entire fairness or, if such conflicts exist, to ensure that all the conflicts are resolved in the best interests of Swiss Army's public stockholders; and (c) provide Swiss Army's stockholders with independent representation in the negotiations with Victorinox. 21. Because Victorinox controls 67% of Swiss Army and dominates its Board, no auction or market check can be effected to establish Swiss Army's worth through arm's-length 6 bargaining. Thus, Victorinox has the power and is exercising its power to acquire Swiss Army's minority shares and dictate terms which are in Victorinox's best interest, without competing bids and regardless of the wishes or best interests of the class members or the intrinsic value of Swiss Army's stock. 22. By reason of the foregoing, defendants have breached and will continue to breach their duties to the minority public shareholders of Swiss Army and are engaging in improper, unfair dealing and wrongful and coercive conduct. 23. Plaintiff and the Class will suffer irreparable harm unless defendants are enjoined from breaching their fiduciary duties and from carrying out the aforesaid plan and scheme. 24. By reason of the foregoing, defendants have violated the fiduciary duties which each of them owes to plaintiff and the other members of the Class. 25. Unless enjoined by this Court, defendants will continue to breach their fiduciary duties owed to plaintiff and the other members of the Class, and are prepared to consummate a buy-out on unfair and inadequate terms which will exclude the Class from its fair proportionate share of Swiss Army's valuable assets and businesses, all to the irreparable harm of the Class, as aforesaid. 26. Plaintiff and the other class members are immediately threatened by the acts and transactions complained of herein, and lack an adequate remedy at law. WHEREFORE, plaintiff demands judgment and preliminary and permanent relief, including injunctive relief, in plaintiff's favor and in favor of the Class and against defendants as follows: 7 A. Declaring that this action is properly maintainable as a class action, and certifying plaintiff as a class representative; B. Declaring that the defendants and each of them have breached their fiduciary duties to plaintiff and other members of the Class or aided and abetted such breaches; C. Enjoining the proposed transaction and, if the transaction is consummated, rescinding the transaction or awarding to plaintiff and the Class rescissory damages; D. Ordering that defendants account to the Class for all damages caused to them as a result of defendants' wrongful conduct alleged herein; E. Awarding plaintiff the costs and disbursements of this action, including allowance for plaintiff's attorneys' and experts' fees; and F. Granting such other, and further relief as this Court may deem to be just and proper. ROSENTHAL, MONHAIT, GROSS & GODDESS, P.A. By: /s/ Carmella P. Keener ---------------------------------- 919 Market Street, Suite 1401 Post Office Box 1070 Wilmington, Delaware 19899 (302) 656-4433 Attorneys for Plaintiff OF COUNSEL: SLOTNICK, SHAPIRO & CROCKER, LLP 100 Park Avenue 35th Floor New York, NY 10017 (212) 687-5000 ENTWISTLE & CAPPUCCI LLP 299 Park Avenue New York, NY 10171-1499 (212) 894-7200 8 EX-99.D.3 7 y62132e3exv99wdw3.txt COMPLAINT OF ALAN R. KAHN EXHIBIT (d)(3) IN THE COURT OF CHANCERY IN THE STATE OF DELAWARE IN AND FOR NEW CASTLE COUNTY Civil Action No. 19701 NC - --------------------------------------------- x : ALAN R. KAHN, : Plaintiff, : : vs. : : SWISS ARMY BRANDS, INC., CLARKE H. BAILEY, A. CLINTON ALLEN, : STANLEY R. RAWN, JR., VINCENT D. FARRELL JR., JOHN SPENCER, JOHN V. : TUNNEY, LOUIS MARX JR., PETER W. GILSON, THOMAS M. LUPINSKY and : VICTORINOX AG, : : Defendants. : : : x - --------------------------------------------- SHAREHOLDER'S CLASS ACTION COMPLAINT Plaintiff, by his attorneys, for his complaint against defendants, alleges upon personal knowledge with respect to paragraph 3, and upon information and belief based, inter alia, upon the investigation of counsel, as to all other allegations herein, as follows: NATURE OF THE ACTION 1. This is a stockholders' class action on behalf of the public stockholders of Swiss Army Brands, Inc., ("Swiss Army" or the "Company"), against certain officers and directors and the controlling shareholder of Swiss Army to enjoin certain actions of defendants related to the acquisition of the outstanding shares of Swiss Army common stock by its majority controlling shareholder, defendant Victorinox AG ("Victorinox"). 2. The consideration that Victorinox stated it would offer to members of the Class (as defined below) in the proposed stock acquisition is unfair and grossly inadequate because, among other things, the intrinsic value of Swiss Army's common stock is materially in excess of the amount offered, giving due consideration to the Company's growth and anticipated operating results, net asset value and profitability. THE PARTIES 3. Plaintiff is and at all relevant times has been the owner of Swiss Army common stock. 4. (a) Swiss Army is a Delaware corporation with its principal executive offices located at One Research Drive, Shelton, Connecticut 06484. Swiss Army is a manufacturer, importer and distributor of consumer products including watches, pocketknives and multi-tools. (b) As of March 19, 2002 Swiss Army had approximately 8.1 million shares of common stock outstanding, held by hundreds if not thousands of shareholders of record. Swiss Army common stock is listed and traded on the NASDAQ-National Market System (NMS). 5. Victorinox is organized under the laws of Switzerland and, along with its affiliates, reportedly holds approximately 67% of the outstanding common stock of Swiss Army. As such, Victorinox and its representatives on the Swiss Army board effectively control and dominate Swiss Army's affairs. As the controlling shareholder of Swiss Army, Victorinox owes fiduciary obligations of good faith, candor, loyalty and fair dealing to the public shareholders of Swiss Army. 6. At all relevant times Clarke H. Bailey, A. Clinton Allen, Stanley R. Rawn Jr., Vincent D. Farrell Jr., John Spencer, John V. Tunney, Louis Marx, Jr., Peter W. Gilson, Thomas M. Lupinski were officers and/or directors of Swiss Army and owe to the public stockholders of Swiss Army the fiduciary obligations of good faith, fair dealing, candor and loyalty. 2 7. As discussed in detail below, Victorinox and the Individual Defendants have breached their fiduciary duties to Swiss Army's public stockholders by acting to cause or facilitate Victorinox's acquisition of the publicly held minority shares of Swiss Army for unfair and inadequate consideration, and through coercive means. 8. Each defendant herein is sued individually as a conspirator and aider and abettor, as well as in the case of the Individual Defendants, in their capacity as directors and/or officers of Swiss Army, and the liability of each arises from the fact that they have engaged in all or part of the unlawful acts, plans, schemes, or transactions complained of herein. CLASS ACTION ALLEGATIONS 9. Plaintiff brings this action pursuant to Rule 23 of the Rules of this Court, on behalf of himself and all other shareholders of the Company except the defendants herein and any persons, firms, trust, corporation, or other entity related to or affiliated with them and their successors in interest, who are or will be threatened with injury arising from defendants' actions, as more fully described herein (the "Class"). 10. This action is properly maintainable as a class action for the following reasons: a. The Class is so numerous that joinder of all members is impracticable. There are in excess of 8.1 million shares of Swiss Army common stock which are outstanding, held by hundreds if not thousands of stockholders of Swiss Army stock who are members of the class. b. Members of the Class are scattered throughout the United States and are so numerous that it is impracticable to bring them all before this Court. 3 c. There are questions of law and fact that are common to the Class, including, inter alia, the following: (i) Whether defendants have engaged in and are continuing to engage in conduct which unfairly benefits Victorinox at the expense of the members of the Class; (ii) Whether the Individual Defendants, as officers and/or directors of the Company, and Victorinox, as the controlling stockholder of Swiss Army, are violating their fiduciary duties to plaintiff and the other members of the Class; (iii) Whether plaintiff and the other members of the Class would be irreparably damaged were defendants not enjoined from the conduct described herein; (iv) Whether defendants have initiated and timed their buy-out of Swiss Army shares to unfairly benefit Victorinox at the expense of Swiss Army's public shareholders. d. The claims of plaintiff are typical of the claims of the other members of the Class in that all members of the Class will be damaged by defendants' actions. e. Plaintiff is committed to prosecuting this action and has retained competent counsel experience in litigation of this nature. Plaintiff is an adequate representative of the Class. 10. The prosecution of separate actions by individual members of the Class would create the risk of inconsistent or varying adjudications with respect to individual members of the Class which would establish incompatible standards of conduct for defendants, or adjudications with respect to individual members of the Class which would as a practical matter be dispositive of the interests of the other members not parties to the adjudications or substantially impair or impede their ability to protect their interests. 4 11. Defendants have acted, or refused to act, on grounds generally applicable to, and causing injury to, the Class and, therefore, preliminary and final injunctive relief on behalf of the Class as a whole is appropriate. SUBSTANTIVE ALLEGATIONS A. THE OFFER 12. On June 12, 2002, Swiss Army issued a press release announcing its intentions to acquire the outstanding common stock of Swiss Army that it did not already own. Under the terms of the offer, owners of the shares of the publicly held stock of Swiss Army would receive $9 per share. 13. The price that Victorinox has offered and which constitutes the maximum it would agree to pay in a buy-out has been dictated by Victorinox to serve its own interests, and is being crammed down by Victorinox and its representatives on Swiss Army's Board to force Swiss Army's minority shareholders to relinquish their Swiss Army shares at a grossly unfair price. 14. In making its inadequate offer to acquire the remaining stock of Swiss Army, Victorinox has tried to take advantage of the fact that the market price of Swiss Army stock does not fully reflect the progress and value of Swiss Army's business and growth prospects. 15. The consideration to be paid to the minority stockholders does not represent the true value of the Company, is unfair and grossly inadequate, and constitutes unfair dealing. 16. Victorinox, by reason of its 67% ownership of Swiss Army's outstanding shares, is in a position to ensure effectuation of the transaction without regard to its fairness to Swiss Army's public shareholders. 5 17. Because Victorinox is in possession of proprietary corporate information concerning Swiss Army's future financial prospects, the degree of knowledge and economic power between Victorinox and the class members is unequal, making it grossly and inherently unfair for Victorinox to obtain the remaining 33% of Swiss Army's shares at the unfair and inadequate price that it has proposed. 18. By offering a grossly inadequate price for Swiss Army's shares and threatening or planning to use its coercive means of control to force the consummation of the transaction, Victorinox is violating its duties as majority shareholder. 19. Any buy-out of Swiss Army public shareholders by Victorinox on the terms offered, will deny class members their right to share proportionately and equitably in the true value of Swiss Army's valuable and profitable business, and future growth in profits and earnings, at a time when the Company is poised to increase its profitability. 20. Defendants' fiduciary obligations require them to: (a) act independently so that the interests of Swiss Army's public stockholders will be protected; (b) adequately ensure that no conflicts of interest exist between defendants' own interests and their fiduciary obligations of entire fairness or, if such conflicts exist, to ensure that all the conflicts are resolved in the best interests of Swiss Army's public stockholders; and (c) provide Swiss Army's stockholders with independent representation in the negotiations with Victorinox. 21. Because Victorinox controls 67% of Swiss Army and dominates its Board, no auction or market check can be effected to establish Swiss Army's worth through arm's-length 6 bargaining. Thus, Victorinox has the power and is exercising its power to acquire Swiss Army's minority shares and dictate terms which are in Victorinox's best interest, without competing bids and regardless of the wishes or best interests of the class members or the intrinsic value of Swiss Army's stock. 22. By reason of the foregoing, defendants have breached and will continue to breach their duties to the minority public shareholders of Swiss Army and are engaging in improper, unfair dealing and wrongful and coercive conduct. 23. Plaintiff and the Class will suffer irreparable harm unless defendants are enjoined from breaching their fiduciary duties and from carrying out the aforesaid plan and scheme. 24. By reason of the foregoing, defendants have violated the fiduciary duties which each of them owes to plaintiff and the other members of the Class. 25. Unless enjoined by this Court, defendants will continue to breach their fiduciary duties owed to plaintiff and the other members of the Class, and are prepared to consummate a buy-out on unfair and inadequate terms which will exclude the Class from its fair proportionate share of Swiss Army's valuable assets and businesses, all to the irreparable harm of the Class, as aforesaid. 26. Plaintiff and the other class members are immediately threatened by the acts and transactions complained of herein, and lack an adequate remedy at law. WHEREFORE, plaintiff demands judgment and preliminary and permanent relief, including injunctive relief, in plaintiff's favor and in favor of the Class and against defendants as follows: 7 A. Declaring that this action is properly maintainable as a class action, and certifying plaintiff as a class representative; B. Declaring that the defendants and each of them have breached their fiduciary duties to plaintiff and other members of the Class or aided and abetted such breaches; C. Enjoining the proposed transaction and, if the transaction is consummated, rescinding the transaction or awarding to plaintiff and the Class rescissory damages; D. Ordering that defendants account to the Class for all damages caused to them as a result of defendants' wrongful conduct alleged herein; E. Awarding plaintiff the costs and disbursements of this action, including allowance for plaintiff's attorneys' and experts' fees; and F. Granting such other, and further relief as this Court may deem to be just and proper. ROSENTHAL, MONHAIT, GROSS & GODDESS, P.A By: /s/ Carmella P. Keener 919 Market Street, Suite 1401 Post Office Box 1070 Wilmington, Delaware 19899 (302) 656-4433 Attorneys for Plaintiff OF COUNSEL: ABBEY GARDY, LLP 212 East 39th Street New York, NY 10016 (212) 889-3700 HAROLD B. OBSTFELD P.C. 260 Madison Avenue New York, NY 10016 (212) 696-1212 8 EX-99.D.4 8 y62132e3exv99wdw4.txt COMPLAINT OF BRICKELL PARTNERS EXHIBIT (d)(4) RETURN DATE: JULY 23, 2002 : SUPERIOR COURT : BRICKELL PARTNERS, on behalf of : JUDICIAL DISTRICT OF ANSONIA- itself and all others similarly situated, : MILFORD : V. : : AT MILFORD PETER W. GILSON, A. JEFFREY TURNER, : LOUIS MARX, JR., STANLEY R. RAWN, JR., : HERBERT M. FRIEDMAN, A. CLINTON : ALLEN, CLARKE H. BAILEY, ROBERT S. : PRATHER, JR., JOHN SPENCER, JOHN V. : TUNNEY, SWISS ARMY, BRANDS, INC., : AND VICTORINOX AG : JUNE 19, 2002 COMPLAINT 1. Plaintiff Brickell Partners has owned shares of SABI common stock at all relevant times and continues to own such shares. 2. Defendant, SABI, is a corporation incorporated in Delaware that maintains its principal place of business at One Research Drive, Shelton, Connecticut 06484. SABI imports, manufactures and distributes consumer products, including watches, pocket knives, cutlery, multi-tools and sunglasses. The Company is the exclusive distributor in the United States, Canada (with one minor exception for cutlery) and the Caribbean (collectively, the "exclusive Territories") of numerous VA products, including Victorinox Original Swiss Army Knife, Victorinox SwissTool, Victorinox SwissCard and Victorinox Cutlery. SABI also markets its own line of Swiss Army Brand Watches, Swiss Army Brand Sunglasses and Swiss Army Brand Writing Instruments under the Swiss Army brand in North America and the Victorinox Swiss Army Brand outside North America. Also, the Company manufactures and distributes Bear MGC knives and multi-tools. The Company has been marketing Victorinox Original Swiss Army Knives and Victorinox Cutlery for over sixty years and has been the exclusive United States distributor of such products since 1972. 3. Defendant VA, is a Swiss corporation with a principal place of business at Schmiedgasse 57, CH-6438 Ibach, Switzerland. VA is Europe's largest cutlery producer and SABIs principal supplier of pocket knives and cutlery. In December, 2000, VA and its affiliates, long-time stockholders of the Company, purchased sufficient shares of SABI common stock ("Common Stock") in private and open market transactions to acquire majority control of the Company. As of June 12, 2002, VA owned 5,262,400 shares of Common Stock, constituting approximately 62.8% of the issued and outstanding shares of Common Stock. Further, Charles Elsener, Sr. ("Elsener"), the controlling shareholder of VA, owns an additional 346,705 shares of SADI. Thus, Elsener may be deemed to be the beneficial owner of 5,609,105 shares of Common Stock, constituting approximately 66.9% of the issued and outstanding shares of Common Stock as of that date. 4. Defendant Peter W. Gilson ("Gilson") is an individual who resides at 1102 Berkeley Road, Greenville, Delaware 19807, who has served as Chairman of the Board of Directors of SABI 2 (the "Board") since 1998 and Chief Executive Officer of SABI since April 1, 2001. Since VA owns more than 50% of SABI stock, it is in a position to control Defendant Gilson and determine whether he will continue to sit on the SABI Board of Directors. 5. Defendant A. Jeffrey Turner ("Turner") is an individual who resides at 39 Madison Avenue, Madison, Connecticut 06443, who is a director of SABI and has served as the Company's President since April 1, 2001. Since VA owns more than 50% of SABI stock, it is in a position to control Defendant Turner and determine whether he will continue to sit on the SABI Board of Directors. 6. Defendant Louis Marx, Jr. ("Marx") is an individual who resides at 170 East 78th Street, Apt. 4D, New York, New York 10021, who is a director of SABI and the Chairman of the Company's Executive Committee. Defendant Marx has close ties to VA, which he developed when he negotiated SABI's exclusive distribution agreement for the Exclusive Territories with VA. Defendant Marx is also President and a Director of Victorinox-Swiss Army Knife Foundation. Since VA owns more than 50% of SABI stock, it is in a position to control Defendant Marx and determine whether he will continue to sit on the SABI Board of Directors. 7. Defendant Stanley R. Rawn ("Rawn") is an individual who resides at 53 Forest Avenue, Old Greenwich, Connecticut 06870, who is a director of SABI. Defendant Rawn has close 3 ties to VA, which he developed when he negotiated SABI's exclusive distribution agreement for the Exclusive Territories with VA. Defendant Rawn is also a Director of Victorinox-Swiss Army Knife Foundation. Since VA owns more than 50% of SABI stock, it is in a position to control Defendant Rawn and determine whether he will continue to sit on the SABI Board of Directors. 8. Defendant Herbert M. Friedman ("Friedman") is an individual who resides at 902 Heritage Village, Apt. A, Southbury, Connecticut 06488, who is a director of SABI and has served as Vice President and General Counsel of the Company since May, 1998. Defendant Friedman is also a Director of Victorinox-Swiss Army Knife foundation. Since VA owns more than 50% of SABI stock, it is in a position to control Defendant Friedman and determine whether he will continue to sit on the SABI Board of Directors. 9. Defendant A. Clinton Allen ("Allen") is an individual who resides at 710 South Street, Needham, Massachusetts 02192, who is a director of SABI. Since VA owns more than 50% of SABI stock, it is in a position to control Defendant Allen and determine whether he will continue to sit on the SARI Board of Directors. 10. Defendant Clarke H Bailey ("Bailey") is an individual who resides at 10 Oxford Road, Larchmont, New York 10538, who is a director of SABI. Since VA owns more than 50% of SABI stock, it is in a position to control Defendant Bailey and determine whether he will continue 4 to sit on the SABI Board of Directors. 11. Defendant Robert S. Prather, Jr. ("Prather") is an individual who resides at 1843 Wesley NW Road, Atlanta, Georgia 30327, who is a director of SABI. Since VA owns more than 50% of SABI stock, it is in a position to control Defendant Prather and determine whether he will continue to sit on the SABI Board of Directors. 12. Defendant John Spencer ("Spencer") is an individual who resides at 7563 Ironhorse Boulevard, West Palm Beach, Florida 33412, who is a director of SABI. Defendant Spencer is also a director of Victorinox-Swiss Army Knife Foundation. Since VA owns more than 50% of SABI stock, it is in a position to control Defendant Spencer and determine whether he will continue to sit on the SABI Board of Directors. 13. Defendant John V. Tunney ("Tunney"), is an individual who resides at 53 East 64th Street, New York, New York 10021, who is a director of SABI. Since VA owns more than 50% of SABI stock, it is in a position to control Defendant Tunney and determine whether he will continue to sit on the SABI Board of Directors. 14. The defendants identified in paragraphs 8 through 19 collectively constitute the entirety of SABI's board of directors. These ten individuals are hereinafter referred to collectively as the "Individual Defendants." 5 BASIS OF ALLEGATIONS 15. Plaintiff, as and for its class action complaint, by and through its attorneys, alleges upon personal knowledge as to itself and its own acts, and upon information and belief derived from, inter alia, a review of documents filed with the Securities and Exchange Commission ("SEC") and publicly available sources as to all other matters: NATURE OF THE ACTION 16. This is a stockholder class action brought by plaintiff on behalf of the holders of Swiss Army Brands, Inc. ("SABI" or the "Company") common stock against SABI and its directors and others to enjoin defendants from causing the acquisition of SABI by Victorinox AG ("VA"), its controlling shareholder and primary supplier, at a grossly inadequate consideration, and to obtain other appropriate relief. 17. By virtue of their positions as directors and, where applicable, officers of SABI and/or their exercise of control and ownership over the business and corporate affairs of SABI, the Individual Defendants have, and at all relevant times had, the power to control and influence and did control and influence and cause SABI to engage in the acts complained of herein. Each Individual Defendant owed and owes SABI and its shareholders fiduciary obligations and were and are required by law to: (1) use their ability to control and manage SABI in a fair, just and equitable manner; (2) 6 act in furtherance of the best interests of SABI and its shareholders; (3) act to maximize shareholder value in connection with any change in ownership and control; (4) govern SABI in such a manner as to heed the expressed views of its public shareholders; (5) refrain from abusing their positions of control; and (6) not favor their own interests at the expense of SABI and its public shareholders. 18. Each defendant herein is sued individually and/or as a conspirator and aider and abettor. The Individual Defendants are also sued in their capacity as directors of SABI. The liability of each defendant arises from the fact that they have engaged in all or part of the unlawful acts, plans, schemes, or transactions complained of herein. CLASS ACTION ALLEGATIONS 19. Plaintiff brings this action as a class action on behalf of all SABI common stock holders. Excluded from the Class are defendants, members of the immediate families of the defendants, their heirs and assigns, and those in privity with them. 20. The members of the Class are so numerous that joinder of all of them would be impracticable. While the exact number of Class members is unknown to plaintiff, and can be ascertained only through appropriate discovery, plaintiff believes there are many thousands of Class members. SABI has over 8 million shares of Class A common stock outstanding. 7 21. Plaintiff's claims are typical of the claims of the Class, since plaintiff and the other members of the Class have and will sustain damages arising out of defendants' breaches of their fiduciary duties. Plaintiff does not have any interests that are adverse or antagonistic to those of the Class. Plaintiff will fairly and adequately protect the interests of the Class. Plaintiff is committed to the vigorous prosecution of this action and has retained counsel competent and experienced in this type of litigation. 22. There are questions of law and fact common to the members of the Class that predominate over any questions which, if they exist, they affect individual class members. The predominant questions of law and fact include, among others, whether; (a) the defendants have and are breaching their fiduciary duties to the detriment of SABI's shareholders; (b) the Class has been damaged and the extent to which members of the Class have sustained damages, and what is the proper measure of those damages. 23. A class action is superior to all other available methods for the fair and efficient adjudication of this controversy, since joinder of all members is impracticable. Further, as individual damages may be relatively small for most members of the Class, the burden and expense of prosecuting litigation of this nature makes it unlikely that members of the Class would prosecute 8 individual actions. Plaintiff anticipates no difficulty in the management of this action as a class action. Further, the prosecution of separate actions by individual members of the class would create a risk of inconsistent or varying results, which may establish incompatible standards of conduct for defendants. SUBSTANTIVE ALLEGATIONS 24. SABI has distributed VA products since 1937, and is the exclusive distributor in the United States, Canada (with one minor exception for cutlery) and the Carribbean of the Victorinox Original Swiss Army Knife, Victorinox SwissTool, Victorinox SwissCard and Victorinox Cutlery. According to the Company's most recent Form 10-K, filed with the SEC on April 1, 2002, all of SABI's pocket knives and the majority of its cutlery are manufactured by VA. 25. In addition to being the principal supplier of SABI, VA is a long-time stockholder. In December, 2000, VA and its affiliates purchased sufficient shares of Common Stock in private and open market transactions to acquire a majority of SABI. VA purchased an additional 8,700 shares of Common Stock between October 5, 2001 and October 10, 2001. As of June 12, 2002, VA and its controlling stockholder, Charles Elsener, beneficially own 5,609,105 shares of Common Stock, or 66.9% of the issued and outstanding shares. 26. On June 12, 2002, VA submitted a proposal to a Special Committee of SABI's Board 9 of Directors (the "Special Committee") to acquire all of the outstanding shares of Common Stock not currently owned by VA or its affiliates for a cash purchase price of $9.00 per share (the "Acquisition"). VA contemplates that the Acquisition will take the form of a tender offer by a newly-formed, wholly-owned subsidiary of VA, subject to the condition that at least a majority of the shares currently outstanding and not owned by VA or its affiliates are tendered pursuant to the offer. Once the tender offer is completed, the remaining shares of Common Stock would be acquired at the same cash price in a merger transaction. 27. The Individual Defendants have failed to put SABI up for auction in response to VA's offer, and have thereby allowed the price of SABI stock to be capped, depriving plaintiff and the Class of the opportunity to realize any increase in the value of SABI shares. Despite the long-term value of the SABI acquisition for VA, SABI shareholders will be receiving an inadequate takeover premium over SABI's stock price immediately prior to announcement of the transaction. The substantial synergies and benefit from SABI, which VA will enjoy by virtue of the transaction, including, inter alia, SABI's well-established distribution network in the Exclusive Territories, are not being adequately compensated for in the acquisition price. 28. By entertaining the offer from VA, SABI's board has initiated a process to sell SABI, which imposes heightened fiduciary responsibilities and requires enhanced scrutiny by the Court. 10 However, the terms of the proposed transaction were not the result of a full and fair auction process or active market check. Rather, they were arrived at without a full and thorough investigation by the Individual Defendants; and the price and process are intrinsically unfair and inadequate from the standpoint of SABI shareholders. 29. The Individual Defendants have failed to make an informed decision to date as no market check of SABI's value was obtained. 30. The Individual Defendants have violated the fiduciary duties they owe to the shareholders of SABI. The timing and terms of the proposed transaction, and the defendants' failure to auction SABI, invite other bidders and provide a market check, demonstrate a clear absence of the exercise of loyalty and due care to SABI' s public shareholders. 31. The Individual Defendants fiduciary obligations under the circumstances of VA's offer obligated them to: (a) Undertake an appropriate evaluation of SABI's net worth as a merger/acquisition candidate; (b) Actively evaluate the proposed transaction and engage in a meaningful auction with third parties in an attempt to obtain the best value for SARI's public shareholders; (c) Act independently so that the interests of SABI's public shareholders will be 11 protected and enhanced; and (d) Adequately ensure that no conflicts of interest exist between the Individual Defendants' own interests and their fiduciary obligations to maximize shareholder value or, if such conflicts exist, to ensure that all conflicts are resolved in the best interests of SABI's public shareholders. 32. The Individual Defendants have breached their fiduciary duties by reason of the acts and transactions complained of herein. 33. Plaintiff and other members of the class have been and will be damaged in that they have not and will not receive their fair proportion of the value of SABI's assets and business, will be largely divested from their right to share in SABI's future growth and development and have been and will be prevented from obtaining a fair and adequate price for their shares of Common Stock. 34. The consideration to be paid to class members in the proposed merger is unfair and inadequate because, inter alia, the acquisition price is not the result of an appropriate consideration of the value of SABI. 35. The Individual Defendants have not yet appointed or retained any truly independent person or entity to negotiate for or on behalf of SABI's public shareholders to promote their best interests in the exchange offer. 12 36. The Individual Defendants have breached their duty of loyalty to SABI's public shareholders by using their control of SABI to attempt to force plaintiff and the class to exchange their equity interest in SABI for unfair consideration, and to deprive SABI's public shareholders of the maximum value to which they are entitled. 37. The terms of the proposed acquisition and merger are grossly unfair to the class, and the unfairness is compounded by the gross disparity between the knowledge and information possessed by the Individual Defendants by virtue of their positions of control of SABI and that possessed by SABI's public shareholders. Defendants' intent is to take advantage of this disparity and to induce class members to relinquish their SABI shares in the merger at an unfair exchange ratio on the basis of incomplete or inadequate information. 38. VA has knowingly aided and abetted the breaches of fiduciary duty committed by the Individual Defendants. Further, the proposed acquisition and merger between SABI and VA could not take place without the knowing participation of VA. 39. By reason of the foregoing, plaintiff and each member of the class is suffering irreparable injury and damages. 40. Plaintiff and other members of the class have no adequate remedy at law. 13 WHEREFORE, plaintiff demands judgment as follows: 1. determining that this action is a proper class action and that plaintiff is a proper class representative; 2. declaring that defendants have breached their fiduciary duties to plaintiff and the Class and aided and abetted such breaches; 3. enjoining the Acquisition and, if the Acquisition is consummated, rescinding it; 4. awarding plaintiff and the class compensatory and/or rescissory damages as allowed by law; 5. awarding interest, attorney's fees, expert fees and other costs, in an amount to be determined; and 6. granting such other relief as the Court may find just and proper. The Plaintiff, By: /s/ Eliot B. Gersten -------------------------- Eliot B. Gersten, Esq. Gersten & Clifford 214 Main Street Hartford, CT 06106 Tel.: 860-527-7044 Juris No.: 304302 Its Attorney 14 Of Counsel: The Brualdi Law Firm 29 Broadway, Suite 1515 New York, NY 10006 Tel: (212) 952-0602 15 RETURN DATE: JULY 23, 2002 : SUPERIOR COURT : BRICKELL PARTNERS, on behalf of : JUDICIAL DISTRICT OF ANSONIA- itself and all others similarly situated, : MILFORD : V. : : AT MILFORD PETER W. GILSON, A. JEFFREY TURNER, : LOUIS MARX, JR., STANLEY R. RAWN, JR., : HERBERT M. FRIEDMAN, A. CLINTON : ALLEN, CLARKE H. BAILEY, ROBERT S. : PRATHER, JR., JOHN SPENCER, JOHN V. : TUNNEY, SWISS ARMY, BRANDS, INC., : AND VICTORINOX AG. : JUNE 19, 2002 STATE OF AMOUNT IN DEMAND The amount in demand in the above-captioned action is more than $15,000.00, exclusive of interest, costs and attorney's fees. The Plaintiff, By: /s/ Eliot B. Gersten -------------------------- Eliot B. Gersten, Esq. Gersten & Clifford 214 Main Street Hartford, CT 06106 Tel.: 860-527-7044 Juris No.: 304302 Its Attorney 16 Of Counsel: The Brualdi Law Firm 29 Broadway, Suite 1515 New York, New York 10006 Tel: (212) 952-0602 17 EX-99.D.21 9 y62132e3exv99wdw21.txt CONFIDENTIALITY AGREEMENT EXHIBIT (d)(21) CONFIDENTIALITY AGREEMENT This Agreement ("AGREEMENT") is entered into as of July 15, 2002, by and between Swiss Army Brands, Inc. a Delaware corporation ("SABI") and Victorinox A.G., a Swiss corporation ("VICTORINOX"). WHEREAS, Victorinox is the holder of a majority of the outstanding shares of SABI's capital stock and is also SABI's principal supplier; WHEREAS, on June 12, 2002, Victorinox made a proposal to acquire all of the outstanding shares of SABI not owned by Victorinox or its affiliates ("Proposal"); WHEREAS, in connection with this Proposal, and from time to time in the course of SABI's business relationship with Victorinox, SABI will disclose nonpublic information to Victorinox; and WHEREAS, Victorinox has previously orally agreed to preserve and protect the confidentiality of such information; NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and in order to confirm and set forth in more detail their prior verbal agreement with respect to such matters, the parties agree as follows: 1. CONFIDENTIAL INFORMATION. "CONFIDENTIAL INFORMATION" means any and all information and material disclosed by SABI to Victorinox (before or after the signing of this Agreement, and whether orally or in writing, graphic, electronic or any other form) that is marked or described as, identified orally or in writing as, or provided under circumstances indicating it is, confidential, proprietary or not otherwise available to the general public at the time of such disclosure. 2. NON-DISCLOSURE AND LIMITED USE. Victorinox shall hold all Confidential Information in strict confidence and shall not disclose any Confidential Information to any third party. Victorinox shall disclose the Confidential Information only to its employees and agents who need to know such information and who are bound by restrictions regarding disclosure and use of such information comparable to and no less restrictive than those set forth herein. Victorinox shall take the same degree of care that it uses to protect its own confidential and proprietary information of similar nature and importance (but in no event less than reasonable care) to protect the confidentiality and avoid the unauthorized use, disclosure, publication or dissemination of the Confidential Information. The obligations of this Section 2 with respect to any item of Confidential Information shall survive any termination of this Agreement. 3. SCOPE. The obligations of this Agreement, including the restrictions on disclosure and use, shall not apply with respect to any Confidential Information to the extent such Confidential Information is 1 or becomes publicly known through no act or omission of the Victorinox, or to the extent that disclosure of such Confidential Information is required by law. 4. REMEDIES. Victorinox agrees that, due to the unique nature of the Confidential Information, the unauthorized disclosure or use of the Confidential Information will cause irreparable harm and significant injury to SABI, the extent of which will be difficult to ascertain and for which there will be no adequate remedy at law. Accordingly, Victorinox agrees that SABI, in addition to any other available remedies, shall have the right to an immediate injunction and other equitable relief enjoining any breach or threatened breach of this Agreement, without the necessity of posting any bond or other security. 5. COMPLIANCE WITH SECURITIES LAWS. Victorinox hereby acknowledges that it is aware, and it will advise its employees and agents to whom it discloses Confidential Information, that the United States securities laws generally prohibit persons who receive from an issuer material, non-public information from purchasing or selling securities of such issuer or from communicating such information to any other person under circumstances in which it is reasonably foreseeable that such person is likely to purchase or sell such securities. 6. MISCELLANEOUS. This Agreement constitutes the entire agreement between the parties concerning the subject matter hereof and supersedes all prior or contemporaneous agreements, whether oral or written, between the parties relating to the subject matter hereof. No amendment, modification or waiver of any provision of this Agreement shall be effective unless in writing and signed by duly authorized signatories of both parties. The waiver by either party of a breach of or a default under any provision of this Agreement shall not be construed as a waiver of any subsequent breach of or default under the same or any other provision of this Agreement, nor shall any delay or omission on the part of either party to exercise or avail itself of any right or remedy that it has or may have hereunder operate as a waiver of any right or remedy. This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors and permitted assigns. In the event that any of the provisions of this Agreement shall be held by a court or other tribunal of competent jurisdiction to be invalid or unenforceable, the remaining portions hereof shall remain in full force and effect and such provision shall be enforced to the maximum extent possible so as to effect the intent of the parties and shall be reformed to the extent necessary to make such provision valid and enforceable. 2 VICTORINOX A.G. SWISS ARMY BRANDS, INC. By: /s/ Charles Elsener By: /s/ A. Jeffrey Turner ------------------------------- ------------------------------- Name: Charles Elsener Name: A. 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Preliminary Summary of the Transaction
Valuation Summary
Purchase Price Sensitivity Analysis
Ranger Shareholder Analysis
Selected Company Analysis
Comparable Transaction Analysis
Ranger Historical Stock Price Performance
Discounted Cash Flow Analysis
Appendices:
	A. Projected Financial Schedules of Ranger
	B. Historical and Projected Quarterly Income Statement of Ranger
	C. Analysis of License Agreements
	D. Analysis of Insurance Policies
LETTER TO STOCKHOLDERS
PROJECT ALPS MATERIALS FOR DISCUSSION
COMPLAINT OF EUGENIA G. VOGEL
COMPLAINT OF JOHN CALABRIA
COMPLAINT OF ALAN R. KAHN
COMPLAINT OF BRICKELL PARTNERS
CONFIDENTIALITY AGREEMENT

(1)		Includes 106,000 shares related to the Bear acquisition issued April 19, 2002.




(2)		Based on options vesting schedule as of March 29, 2002 and the Treasury Stock Method.




(3)		As of March 31, 2002.


		Fiscal Year Ending December 31,

		Historical												Three Months Ended

		1998A			1999A			2000A			2001A			3/31/01			3/31/02





Total Revenue:




*








	Total Revenue	$	127,851		$	129,452		$	131,752		$	114,629		$	21,273		$	24,741








Gross Profit:




*




	Gross Profit		43,982			50,846			50,706			46,314			7,986			10,313




Selling, General & Administrative			(46,211	)		(43,075	)		(43,963	)		(46,090	)		(10,501	)		(10,392	)




Depreciation & Amortization			(2,794	)		(3,230	)		(3,504	)		(3,964	)		(1,159	)		(930	)

	Total Operating Expenses		(49,005	)		(46,305	)		(47,467	)		(50,054	)		(11,660	)		(11,322	)




EBIT			977			4,541			3,239			(3,740	)		(3,674	)		(1,009	)




Interest and Other Income (Expense)			1,706			(2,273	)		1,734			1,477			—			—




Interest Expense			—			(617	)		(1,430	)		(973	)		(218	)		(162	)


Pre-Tax Income			2,683			1,651			3,543			(3,236	)		(3,892	)		(1,171	)

Income Tax Benefit (Provision)			(1,220	)		(1,531	)		(1,579	)		344			1,585			343




Minority Interest⁽³⁾			—			—			49			(260	)		48			(108	)

Net Income		$	1,463		$	120		$	2,013		$	(3,152	)	$	(2,259	)	$	(936	)

Diluted EPS		$	0.18		$	0.01		$	0.25		$	(0.39	)	$	(0.27	)	$	(0.11	)

Weighted Average Diluted Shares Outstanding			8,138			8,022			8,187			8,139			8,278			8,168




EBIT		$	977		$	4,541		$	3,239		$	(3,740	)	$	(3,674	)	$	(1,009	)




Add back Depreciation & Amortization			2,794			3,230			3,504			3,964			1,159			930

EBITDA		$	3,771		$	7,771		$	6,743		$	224		$	(2,515	)	$	(79	)

EBITDA without 50% of Xantia owned by Victorinox


		Fiscal Year Ending December 31,

		Projected

		2002E⁽²⁾			2003E⁽²⁾			2004E⁽²⁾			2005E⁽²⁾			2006E⁽²⁾





Total Revenue:




*




	Total Revenue	$	123,769		$	141,400		$	157,000		$	174,600		$	189,900








Gross Profit:




*




	Gross Profit		53,409			60,707			68,349			77,339			84,886




Selling, General & Administrative			(46,969	)		(50,112	)		(53,617	)		(57,132	)		(60,967	)




Depreciation & Amortization			(3,035	)		(2,477	)		(2,033	)		(2,007	)		(1,947	)

	Total Operating Expenses		(50,004	)		(52,589	)		(55,650	)		(59,139	)		(62,914	)




EBIT			3,405			8,118			12,699			18,200			21,972




Interest and Other Income (Expense)			97			84			85			202			436




Interest Expense			(537	)		(449	)		(285	)		(137	)		(97	)






Pre-Tax Income			2,965			7,753			12,499			18,265			22,310









Income Tax Benefit (Provision)			(1,127	)		(3,101	)		(4,999	)		(7,306	)		(8,924	)




Minority Interest⁽³⁾			(431	)		(970	)		(1,456	)		(1,985	)		(2,603	)

Net Income		$	1,407		$	3,682		$	6,043		$	8,975		$	10,783

Diluted EPS		$	0.17		$	0.44		$	0.71		$	1.03		$	1.21

Weighted Average Diluted Shares Outstanding			8,220			8,385			8,552			8,724			8,898




EBIT		$	3,405		$	8,118		$	12,699		$	18,200		$	21,972




Add back Depreciation & Amortization			3,035			2,477			2,033			2,007			1,947

EBITDA		$	6,440		$	10,595		$	14,732		$	20,207		$	23,919

EBITDA without 50% of Xantia owned by Victorinox		$	5,369		$	9,306		$	13,235		$	18,416		$	21,962

(1)		Projections reflect Company internal estimates.




(2)		Projections include results from Xantia S.A.




(3)		Minority interest includes half of Xantia S.A.’s net income and half of VSA’s net income.




*		This material has been omitted pursuant to a request for confidential treatment and has been filed separately with the Securities and Exchange Commission.


							Value of
		Ranger Consolidated⁽¹⁾					Insurance⁽²⁾

Comparable Company Analysis		Low			High		Low			High




	Implied Equity Valuation	$	58,577	—	$	116,195	$	4,379	—	$	9,043




	Implied per share value




	Implied fully diluted per share value⁽⁶⁾









Discounted Cash Flow Analysis		Low			High		Low			High




	Implied Equity Valuation	$	75,292	—	$	106,323	$	4,379	—	$	9,043




	Implied per share value




	Implied fully diluted per share value⁽⁶⁾









Comparable Transaction Analysis⁽⁷⁾




	Implied Equity Valuation




	Implied per share value⁽⁸⁾




	Implied fully diluted per share value⁽⁶⁾⁽⁸⁾









Needham’s Valuation Range




	Implied Equity Valuation




	Implied per share value




	Implied fully diluted per share value⁽⁶⁾


		50% of Xantia⁽³⁾					50% of VSA⁽⁴⁾					Ranger Owned Business⁽⁵⁾

Comparable Company Analysis		Low			High		Low			High		Low			High




	Implied Equity Valuation	$	3,357	—	$	16,700	$	1,382	—	$	5,850	$	58,217	—	$	102,688




	Implied per share value											$	7.04	—	$	12.41




	Implied fully diluted per share value⁽⁶⁾											$	6.98	—	$	11.76









Discounted Cash Flow Analysis		Low			High		Low			High		Low			High




	Implied Equity Valuation	$	10,308	—	$	13,888	$	3,520	—	$	4,885	$	65,843	—	$	96,594




	Implied per share value											$	7.96	—	$	11.67




	Implied fully diluted per share value⁽⁶⁾											$	7.84	—	$	11.15









Comparable Transaction Analysis⁽⁷⁾




	Implied Equity Valuation											$	61,865	—	$	87,642




	Implied per share value⁽⁸⁾											$	7.48	—	$	10.59




	Implied fully diluted per share value⁽⁶⁾⁽⁸⁾											$	7.39	—	$	10.23









Needham’s Valuation Range




	Implied Equity Valuation											$	58,217	—	$	102,688




	Implied per share value											$	7.04	—	$	12.41




	Implied fully diluted per share value⁽⁶⁾											$	6.98	—	$	11.76

(1)		Ranger as a consolidated company.




(2)		Non-operating assets include life insurance policies and other illiquid investments.




(3)		Xantia is 50% owned by Victorinox but consolidated in Ranger’s financials. This column removes Victorinox’ interest in Xantia.




(4)		VSA is 50% owned by Victorinox but consolidate in Ranger’s financials. This column removes Victorinox’ interest in VSA.




(5)		This is the value of Ranger less the businesses owned by Victorinox.




(6)		Based on options vesting schedule as of March 29, 2002 and the Treasury Stock Method.




(7)		The comparable transactions indicate a range of premiums between 20% and 70%.




(8)		Per share valuation is based on Ranger’s closing price of $6.23 as of June 10, 2002.


			Fiscal Year Ending December 31,

			2001A			2002E			2003E			2004E			2005E			2006E

Revenue:




	Total Revenue		$	114,629		$	123,769		$	141,400		$	157,000		$	174,600		$	189,900




	(minus 50% of VSA Revenue)			(2,724	)		(4,500	)		(6,000	)		(7,500	)		(9,000	)		(11,000	)




	(minus 50% of Xantia Revenue)			(10,937	)		(13,500	)		(15,105	)		(17,130	)		(19,860	)		(21,690	)

		Revenue Attributable to Ranger	$	100,969		$	105,769		$	120,295		$	132,370		$	145,740		$	157,210









EBIT:




	Total EBIT		$	(3,740	)	$	3,405		$	8,118		$	12,699		$	18,200		$	21,972




	(minus 50% of VSA EBIT)			89			276			(100	)		(430	)		(738	)		(1,232	)




	(minus 50% of Xantia EBIT)			(340	)		(922	)		(1,139	)		(1,347	)		(1,641	)		(1,807	)

		EBIT Attributable to Ranger	$	(3,991	)	$	2,760		$	6,879		$	10,922		$	15,821		$	18,933









EBITDA:




	Total EBITDA		$	224		$	6,440		$	10,595		$	14,732		$	20,207		$	23,919




	(minus 50% of VSA EBITDA)			(10	)		166			(205	)		(527	)		(841	)		(1,345	)




	(minus 50% of Xantia EBITDA)			(190	)		(1,072	)		(1,289	)		(1,497	)		(1,791	)		(1,957	)

		EBITDA Attributable to Ranger	$	24		$	5,369		$	9,306		$	13,235		$	18,416		$	21,962









Net Income:




	Total Net Income		$	(3,152	)	$	1,386		$	3,682		$	6,043		$	8,974		$	10,783




	(minus 50% of VSA Net Income)(2)			89			276			(100	)		(430	)		(738	)		(1,232	)




	(minus 50% of Xantia Net Income)			230			(707	)		(870	)		(1,026	)		(1,247	)		(1,371	)

		Net Income Attributable to Ranger	$	(2,833	)	$	976		$	2,712		$	4,587		$	6,990		$	8,180

(1)		Assume Xantia’s results are captured in full starting in the fiscal year ending December 31, 2002.




(2)		Ranger has indicated that VSA does not incur income taxes.


Ranger




Enterprise Value / CY 2002E Revenue




Low		0.7x




High		1.0x




FY 2002E Revenue	$	123,769









Implied Equity Value⁽²⁾




Low	$	79,064




High	$	116,195


Enterprise Value / LTM EBITDA




Low		7.5x




High		9.5x




FY 2003E EBITDA	$	10,595









Implied Equity Value⁽²⁾⁽³⁾




Low	$	58,577




High	$	76,218


Price / Earnings CY 2002E




Low		15.0x




High		17.0x




FY 2003E Net Income⁽¹⁾	$	4,652









Implied Equity Value⁽³⁾




Low	$	61,750




High	$	69,983


Price / Most Recent Book




Low		0.8x




High		1.2x




Book Value for Ranger⁽¹⁾	$	74,611









Implied Equity Value




Low	$	59,689




High	$	89,533


Xantia S.A.




Enterprise Value / CY 2002E Revenue




Low		0.9x




High		1.2x




FY 2002E Revenue	$	27,000









Implied Equity Value⁽⁴⁾




Low	$	25,300




High	$	33,400


Enterprise Value / LTM EBITDA




Low		8.0x




High		10.0x




FY 2003E EBITDA	$	2,578









Implied Equity Value⁽⁴⁾⁽⁵⁾




Low	$	17,944




High	$	22,180


Price / Earnings CY 2002E




Low		16.0x




High		18.0x




FY 2003E Net Income	$	1,740









Implied Equity Value⁽⁵⁾




Low	$	24,421




High	$	27,474


VSA




Enterprise Value / CY 2002E Revenue




Low		1.0x




High		1.3x




FY 2002E Revenue	$	9,000









Implied Equity Value




Low	$	9,000




High	$	11,700


Enterprise Value / LTM EBITDA




Low		8.2x




High		10.2x




FY 2003E EBITDA	$	410









Implied Equity Value⁽⁵⁾




Low	$	2,764




High	$	3,438


Price / Earnings CY 2002E




Low		16.3x




High		18.3x




FY 2003E Net Income	$	200









Implied Equity Value⁽⁵⁾




Low	$	2,860




High	$	3,211


Ranger without 50% Xantia , 50% VSA Owned by Victorinox




Implied Equity Valuation Range




Low	$	53,838




Mean		73,741




High		93,645




Current Shares Outstanding⁽⁶⁾		8,274









Implied Stock Price




Low	$	6.51




Mean		8.91




High		11.32


Diluted Shares Outstanding⁽⁷⁾




Based on Low			8,295




Based on Mean			8,459




Based on High			8,634


Diluted Implied Stock Price




Based on Low	$	6.49




Based on Mean		8.72




Based on High		10.85

(1)		Includes minority interest to arrive at a net income figure for Ranger as a consolidated entity.




(2)		As of March 31, 2002 Ranger has $408,000 in cash and $7,982,000 in debt.




(3)		Assumes a discount rate of 13.0% to arrive at a LTM valuation.




(4)		Assumes Xantia has $1,000,000 in cash and no debt.




(5)		Assumes a discount rate of 14.0% to arrive at a LTM valuation.




(6)		Includes 106,000 shares related to the Bear acquisition to be issued on April 19, 2002.




(7)		Based on options vesting schedule as of March 29, 2002 and the Treasury Stock Method.


		Ranger						Xantia

		Discount Rate						Discount Rate

		10.0%		12.0%		15.0%		10.0%		12.0%		15.0%

A	Present Value of Free Cash Flows	$	16,386	$	15,322	$	13,901	$	5,544	$	5,243	$	4,838

(1)		Based on 2004 EBITDA.




(2)		Ranger’s terminal value reflects a blended EBITDA multiple.




(3)		As of March 31, 2002 Ranger has $1,187,000 in cash and $7,979,226 in debt.




(4)		Assumes Xantia has $1,000,000 in cash and no debt.


							Equity Value/
	Enterprise Value / Target LTM
							LTM				Announced
	Net Sales		EBIT		EBITDA		Net Income		Book		Premium			% Owned			% Acquired

Mean		2.1x		17.2x		15.3x		30.5x		2.5x		35.1	%		72.8	%		85.9	%




Median		1.1x		13.1x		9.3x		16.5x		1.8x		24.7	%		73.2	%		100.0	%




High		14.4x		102.6x		145.1x		260.2x		14.7x		220.0	%		96.2	%		100.0	%




Low		0.1x		2.1x		1.3x		2.8x		-0.5x		-15.8	%		50.6	%		3.8	%


					Percentage of
			Shares		Total Shares
			Owned		Outstanding

Shares held by:

	Victorinox ⁽¹⁾			5,254		63.50	%

	Management / Insiders ⁽¹⁾⁽²⁾			140		1.69	%

	Dimensional Funds Advisors, Inc. ⁽³⁾			503		6.08	%

	Charles Elsener, Sr. ⁽¹⁾			347		4.19	%

	Shufro, Rose & Co., LLC ⁽⁴⁾			307		3.71	%

	David L. Babson & Co., Inc. ⁽⁴⁾			302		3.65	%

	Other Institutional Shareholders ⁽⁴⁾			191		2.31	%

	Retail			1,230		14.87	%

		Total Shares Outstanding		8,274		100.00	%

(1)		Source: Proxy Statement filed on 4/23/02, excludes exercisable stock options.




(2)		Management beneficially owns 1,645,793 shares, of which includes exercisable stock options.




(3)		Source: Schedule 13F filed 3/31/02.




(4)		Source: Shareworld


		Total Number of						Number of Shares
		Shares		Options /				Held as a Percentage
		Benefically		Warrants		Number of		of Total Shares			Weighted Average
Name of Beneficial Owner	Position	Owned		Exercisable		Shares Held		Outstanding			Strike Price

Louis Marx, Jr.	Director, Chairman of the Executive Committee		524		500		24		0.29%		$	9.58

Peter W. Gilson	Chairman and CEO		233		232		1		0.01%			11.10

Stanley R. Rawn, Jr.	Senior Managing Director, member of the Executive Committee and Nominating Committee		143		100		43		0.52%			11.35

Thomas M. Lupinski	Senior VP, CFO		96		79		17		0.21%			8.40

James R. Cary	Senior Vice President, Operations		56		54		3		0.03%			8.17

Robert S. Prather, Jr.	Director, member of the Audit Committee		56		10		46		0.55%			6.38

A. Jeffrey Turner	President		51		49		3		0.03%			7.67

A. Clinton Allen	Director, Chairman of the Stock Option and Compensation Committee, member of the Executive Committee		51		50		1		0.01%			11.74

Clarke H. Bailey	Director, member of the Executive Committee		43		40		3		0.04%			8.72

Susanne Rechner	Senior Vice President, Global Watch		15		15		-		0.00%			4.47

John Spencer	Director, member of the Audit Committee and Stock Option and Compensation Committee		11		10		1		0.01%			6.38

John V. Tunney	Director, member of the Stock Option and Compensation Committee		11		10		1		0.01%			6.38

Herbert M. Friedman	VP, General Counsel and Director		3		-		3		0.04%			5.29

	*All directors and executive officers as a group (15 persons)*		1,243		1,103		140		1.69	%